Market Potential Estimation for Tourism in Emerging Markets

Directory of Open Access Journals (Sweden)

Baimai, Chaiwat

2009-10-01

Full Text Available The objective of this paper was to develop a useful framework for estimating demand for tourism in emerging markets. Tourism has become one of the most crucial sectors in a large number of emerging countries. Moreover, the tourism industry in such markets is forecasted to keep increasing in the next decade. Hence, understanding and accurately forecast demand in the industry is essential in order to manage this sector effectively. Using stepwise regression analysis, we found a number of important variables in estimating demand for tourism in emerging markets. Our regression model can benefit travel agencies and policy makers dealing with the tourism industry.

Competitiveness in Emerging Markets

DEFF Research Database (Denmark)

This book presents a collection of interrelated research advances in the field of technological entrepreneurship from the perspective of competition in emerging markets. Featuring contributions by scholars from different fields of interest, it provides a mix of theoretical developments, insights...... and research methods used to uncover the unexplored aspects of competitiveness in emerging markets in an age characterized by disruptive technologies....

Emerging Art Markets

NARCIS (Netherlands)

Kraussl, R.G.W.; Logher, R.

2010-01-01

This paper analyzes the performance and risk-return characteristics of three major emerging art markets: Russia, China, and India. According to three national art market indices, built by hedonic regressions based on auction sales prices, the geometric annual returns are 10.00%, 5.70%, and 42.20%

Utility-Marketer Partnerships. An Effective Strategy for Marketing Green Power?

Energy Technology Data Exchange (ETDEWEB)

Bird, L. A. [National Renewable Energy Lab. (NREL), Golden, CO (United States); Brown, E. S. [National Renewable Energy Lab. (NREL), Golden, CO (United States)

2006-04-01

This paper explores whether partnerships between utilities and independent marketers are an effective strategy for marketing green power. We present case studies of voluntary and mandatory partnerships covering green power program design and implementation in both regulated and restructured electricity markets. We also include perspectives (based on interviews) from utilities, marketers, and regulators involved in developing and implementing these partnerships. From these case studies and interviews, we describe lessons learned about developing effective partnerships, including such issues as respective roles in marketing and administration, product branding, and contract and incentive structures. Based on experience to date, strategic partnerships between utilities and marketers can be an effective approach to marketing green power. Partnerships leverage the sales and resource procurement experience of marketers and the utility’s reputation and access to customers. Further, partnerships can create greater incentives for success because marketers have a vested financial interest in maximizing customer participation and green power sales.

The transfer and creation of knowledge within foreign invested R&D in emerging markets

DEFF Research Database (Denmark)

Søberg, Peder Veng

2011-01-01

for transfer - and creation of innovation related knowledge, within newly established foreign invested R&D units in emerging markets, in particular China and India. The paper utilizes extensive empirical data, collected in a holistic multiple case study, including three globally leading MNCs, originating from...... foreign invested R&D units in these countries. Implications, especially relevant for managers, working with newly established foreign invested R&D units in emerging markets, are outlined....

Pharmaceutical market access in emerging markets: concepts, components, and future.

Science.gov (United States)

Kumar, Anuj; Juluru, Karthaveerya; Thimmaraju, Phani Kishore; Reddy, Jayachandra; Patil, Anand

2014-01-01

This article intends to consolidate the concepts of pharmaceutical market access and highlight its growing importance in emerging markets. Market access has gained considerable attention worldwide as countries try to contain their escalating healthcare expenditures amidst the global economic slowdown. This has resulted in governments adopting stricter measures for new product approval. Thus, pharmaceutical companies are finding it increasingly difficult to successfully address the specific challenges posed by various government and regulatory agencies and stakeholders. There is an increasing need to establish market access functions, especially in emerging markets, where the complex, dynamic healthcare landscape confounds product approval and uptake. Moreover, emerging markets are the engines of growth today, and, thus, performing in these markets is critical for the majority of pharmaceutical companies. To address the challenges posed by regulatory agencies and diverse stakeholders, a customized market access strategy is the need of the hour. A market access framework with specific tools and tactics will help companies to plan, implement, and monitor stakeholder engagement activities.

Credit derivatives in emerging markets

OpenAIRE

Romain Rancière

2002-01-01

Credit Derivatives are securities that offer protection against credit or default risk of bonds or loans. The credit derivatives emerging market has grown rapidly and credit derivatives are widely used. This paper describes the emerging credit derivatives market structure. The current market activity is analyzed through elementary pricing dynamics and the study of the term structure of default risk. Focusing on the performance of credit derivatives in stress situation, including legal and mar...

Emerging Markets for Renewable Energy Certificates: Opportunities and Challenges

Energy Technology Data Exchange (ETDEWEB)

Holt, E.; Bird, L.

2005-01-01

Renewable energy certificates (RECs) represent the attributes of electricity generated from renewable energy sources. These attributes are unbundled from the physical electricity, and the two products-the attributes embodied in the certificates and the commodity electricity-may be sold or traded separately. RECs are quickly becoming the currency of renewable energy markets because of their flexibility and the fact that they are not subject to the geographic and physical limitations of commodity electricity. RECs are currently used by utilities and marketers to supply renewable energy products to end-use customers as well as to demonstrate compliance with regulatory requirements, such as renewable energy mandates. The purpose of this report is to describe and analyze the emerging market for renewable energy certificates. It describes how RECs are marketed, examines RECs markets including scope and prices, and identifies and describes the key challenges facing the growth and success of RECs markets.

Crowdfunding in Emerging Markets : Lessons from East African Startups

OpenAIRE

World Bank Group

2015-01-01

The purpose of this paper is to capture lessons learned from East African entrepreneurs who were some of crowdfunding’s first adopters. Their experiences can serve as a practical guide for entrepreneurs looking to more effectively utilize crowdfunding across all emerging markets. In order to gather this data, the World Bank conducted interviews with a number of East African technology entr...

How market environment may constrain global franchising in emerging markets

OpenAIRE

Baena Graciá, Verónica

2011-01-01

Although emerging markets are some of the fastest growing economies in the world and represent countries that are experiencing a substantial economic transformation, little is known about the factors influencing country selection for expansion in those markets. In an attempt to enhance the knowledge that managers and scholars have on franchising expansion, the present study examines how market conditions may constrain international diffusion of franchising in emerging markets. They are: i) ge...

Time-Varying Market Integration and Expected Returns in Emerging Markets

OpenAIRE

de Jong, Frank; de Roon, Frans

2001-01-01

We use a simple model in which the expected returns in emerging markets depend on their systematic risk as measured by their beta relative to the world portfolio as well as on the level of integration in that market. The level of integration is a time-varying variable that depends on the market value of the assets that can be held by domestic investors only versus the market value of the assets that can be traded freely. Our empirical analysis for 30 emerging markets shows that there are stro...

Time Varying Market Integration and Expected Rteurns in Emerging Markets

OpenAIRE

Jong, F.C.J.M. de; Roon, F.A. de

2001-01-01

We use a simple model in which the expected returns in emerging markets depend on their systematic risk as measured by their beta relative to the world portfolio as well as on the level of integration in that market.The level of integration is a time-varying variable that depends on the market value of the assets that can be held by domestic investors only versus the market value of the assets that can be traded freely.Our empirical analysis for 30 emerging markets shows that there are strong...

Benefits of International Diversification: The Case of Asian Emerging Equity Markets

OpenAIRE

Apong, Matusin

2005-01-01

Abstract The main purpose of this study is to examine whether, from the Brunei Investment Agency's perspective, the benefits of international diversification gain exist in equity investment in emerging markets in Asia. The quantitative research that was used is based on Markowitz's Modern Portfolio Theory (MPT). This method utilized data from December 1998 to July 2005 for sixteen indices of developed and emerging countries. The countries selected for the study were grouped into devel...

FOMC communication and emerging equity markets

OpenAIRE

Hayo, Bernd; Kutan, Ali M.; Neuenkirch, Matthias

2009-01-01

Using a GARCH model, we study the effects of Federal Funds target rate changes and FOMC communication on emerging equity market returns and volatility over the period 1998–2006. First, both types of news have a significant impact on market returns. Second, target rate changes are more important than informal communication. Third, the occurrence of monetary policy reports lowers price volatility. Finally, American emerging markets react more to U.S. news than non-American markets.

A scoping study on energy-efficiency market transformation by California Utility DSM Programs

Energy Technology Data Exchange (ETDEWEB)

Eto, J.; Prahl, R.; Schlegel, J.

1996-07-01

Market transformation has emerged as a central policy objective for future publicly-funded energy-efficiency programs in California. California Public Utilities Commission (CPUC) Decision 95-12-063 calls for public funding to shift to activities designed to transform the energy-efficiency market. The CPUC envisions that funding {open_quotes}would only be needed for specific and limited periods of time to cause the market to be transformed{close_quotes}. At the same time, the CPUC also acknowledges that {open_quotes}there are many definitions of market transformation{close_quotes} ... and does {open_quotes}not attempt to refine those definitions today{close_quotes}. We argue that a definition of market transformation is essential. The literature is now replete with definitions, and an operational definition is needed for the CPUC to decide on which programs should be supported with public funds. The CPUC decision initially indicated a preference for programs that do not provide financial assistance 4-efficiency programs that rely on financial assistance to customers. However, energy customers have traditionally accounted for a substantial portion of California utility`s DSM programs, so the CPUC`s direction to use ratepayer funds to support programs that will transform the market raises critical questions about how to analyze what has happened in order to plan effectively for the future: Which utility energy-efficiency programs, including those that provide financial assistance to customers, have had market transforming effects? To what extent do current regulatory rules and practices encourage or discourage utilities from running programs that are designed to transform the market? Should the rules and programs be modified, and, if so, how, to promote market transformation?

Market opportunities for the utilization of wood waste generated by small sawmills

International Nuclear Information System (INIS)

1992-01-01

Analysis of the amounts and types of wood residue from the British Columbia sawmill and logging industry shows that only ca 50% of the residue is being utilized. On a large scale, increased utilization will mainly be achieved through use for the generation of energy. For small sawmills, a more innovative approach to the problem is needed. To assist in developing the innovative markets and uses for wood residues from the small mills, a series of in-depth interviews was conducted with sawmill operators, resource agencies, and users of wood residue throughout British Columbia. The user markets include other sawmills; pulp, paper, and particleboard plants; energy applications; and agriculture. The results of the interviews are tabulated and analyzed to demonstrate the broad spectrum of wood residue uses currently available as well as those that are emerging. For many small sawmill operations in remote areas, utilization of residues is not economical. As environmental regulations become more stringent, the cost and difficulty of handling or disposing residue will increase, and utilization (even if not economical) will become a valid option compared to disposal. A number of emerging markets for wood residue are noted, many of which are in the agricultural field. Other products which can be made out of wood residues are hog fuel and fuel pellets or briquettes. Small sawmills will not have the residue volumes or funds to establish a briquette plant, but they have expressed interest in supplying residue to any such plant that can be established in their area. 16 refs., 5 figs., 3 tabs

Pecking Order Behavior in Emerging Markets

NARCIS (Netherlands)

Seifert, Bruce; Gonenc, Halit

2010-01-01

This paper examines the validity of the pecking order hypothesis in 23 emerging market countries. Emerging market countries would appear to be an ideal setting for the pecking order hypothesis to hold because of the presence of strong asymmetric information issues and agency costs. We observe,

Asset Pricing in Emerging Markets

OpenAIRE

Ajrapetova, Tamara

2017-01-01

General content: Current methods of estimation of cost of capital in the emerging markets are often neglecting various contradictions with the essentials of the model structure and assumptions. As the result of such imprecisions, the cost of equity is often understated (overstated). This thesis will attempt to assess current level of emerging market integration, liquidity and concentration. This will be followed by evaluation of traditional and alternative models for estimation of cost of equ...

Entry Mode Choice in Emerging Markets

OpenAIRE

Gundersen, Anne Kathrine Navestad

2012-01-01

As the mature markets of developed economies have become increasingly saturated, firms are turning their attention towards emerging markets for further enterprise growth. However, these countries often present significant challenges for foreign entrants, forcing firms to adapt their strategies to the new context. While MNEs? entry mode choice is an extensively studied field, there is a deficit in the entry mode research on SMEs, and even more so when it comes to entry into emerging markets in...

An Examination of Market Entry Perspectives in Emerging Markets

Directory of Open Access Journals (Sweden)

Marvin O. Bates

2017-11-01

Full Text Available Purpose – The purpose of this article is to describe the marketing-oriented market entry approaches that businesses are currently using across the three levels of the world economic pyramid (i.e., WEP. These levels are the Top-tier, the Middle-tier, and the Base of the Pyramid-tier (i.e., BoP-tier. Methodology – The literature of the BoP was reviewed, and market entry approaches were itemized across the three WEP levels. Secondly, BoP strategic theorists including Prahalad identified the need for a BoP marketing focus replacing the traditional 4Ps marketing approach (i.e., Product, Price, Place and Promotion with the BoP-specific 4As marketing approach (i.e., Awareness, Affordability, Access and Availability. This 4As marketing approach is discussed. Findings – New marketing-oriented market-entry approaches are proposed for each of the three WEP levels. These approaches are based on where in the WEP the firm currently exists, and where in the WEP the firm desires to refocus market-entry activities; identified approaches include: inter-country expansion, intra-country entry, adjacent market entry, and extended market entry. Secondly, the absence of a clearly articulated marketing strategy for middle-tier markets was observed. Practical implications – This article has two specific applications. First, it summarizes the evolving market entry perspectives to provide a context for future market research in both emerging markets and the pre-emerging BoP markets. Second, the future requirement for an articulated marketing strategy for middle-tier markets is suggested. Originality – This article examined existing market entry approaches across all three levels of the WEP, inclusive of the BoP economic level. The language used to clarify market entry movements was extended, providing a specificity of description not previously found in either the existing market entry or BoP literature.

Inflation Targeting in Emerging Market Countries

OpenAIRE

Frederic S. Mishkin

2000-01-01

This paper outlines what inflation targeting involves for emerging market/transition countries and discusses the advantages and disadvantages of this monetary policy strategy. The discussion suggests that although inflation targeting is not a panacea and may not be appropriate for many emerging market countries, it can be a highly useful monetary policy strategy in a number of them.

Marketing in the Emerging Markets of Latin America

DEFF Research Database (Denmark)

Marinov, Marin Alexandrov

. Addressing a broad variety of historical, political, economic, social, cultural and legal issues, the book offers unique insights into the enormous opportunities and challenges the region presents for implementing effective marketing strategies. Macro marketing issues such as regional integration, foreign......Marketing in the Emerging Markets of Latin America provides a much needed analysis of business and marketing in Latin America. The book highlights the diverse characteristics of the Latin American business and marketing environment as well as the dynamic nature of regional and country markets...... trade and direct investment are considered within the context of specific countries, as are the micro aspects of a company's marketing activities. The book is an extremely valuable resource for academics, practitioners and anyone interested in doing business in or with Latin America....

Local contexts as activation mechanisms of market development: contemporary art in emerging markets

NARCIS (Netherlands)

Komarova, N.; Velthuis, O.

2018-01-01

The paper studies how local contexts contribute to the emergence of markets. In particular, it explains how potential entrepreneurs are motivated to become active in establishing new markets. Empirically, the focus is on contemporary art markets in two emerging countries: India and Russia. The paper

76 FR 18445 - Financial Market Utilities

Science.gov (United States)

2011-04-04

..., the risk of significant liquidity or credit problems spreading among financial institutions or markets..., and settlement activities of certain financial market utilities (``FMUs'') that are designated as.... SUPPLEMENTARY INFORMATION: [[Page 18446

Emerging technologies in electricity generation : an energy market assessment

International Nuclear Information System (INIS)

2006-03-01

Canada's National Energy Board (NEB) monitors the supply of electricity as well as its demand in both domestic and export markets. It monitors the main drivers affecting current trends in generation, demand, prices, infrastructure additions, and inter-regional and international trade. This document presented an assessment of renewable and other emerging technologies that are considered to have significant promise and increased application in Canada over the longer term. It provided comprehensive information on the status and prospects for these technologies, related issues and regional perspectives. Alternative and renewable resources and demand management are becoming more important in addressing air quality issues and supply adequacy. In preparation of this report, staff at the NEB participated in a series of informal meetings with electric utilities, independent power producers, provincial energy regulators, power system operators and those engaged in technology development. The report involved on-site information gathering at wind farms, small hydro facilities, biomass, solar and geothermal operations and other facilities associated with emerging energy technologies such as fuel cells and ocean energy. Clean coal technologies that refer to methods by which emissions from coal-fired generation can be reduced were also evaluated. It was noted that the prospects for emerging technologies vary among the provinces and territories depending on regional resources, provincial government policies and strategies regarding fuel preferences. It was noted that currently in Canada, only 3 per cent of the installed generating capacity consists of emerging technologies. This low penetration is due to the low cost of electricity derived from conventional sources and to the structure of the industry in which large publicly owned utilities have historically opted for large central generating stations. It was suggested that the large increase in fossil fuel prices, public concern

THE FINANCIAL CRISIS AND THE EMERGING MARKETS

Directory of Open Access Journals (Sweden)

LORENA POPESCU DUDUIALĂ

2014-06-01

Full Text Available The emerging markets emerge and develop in the larger context of the international financial market development "is a consequence of the needs expressed by investors and those who wish to place their financial capital." Thus, to achieve a certain level of saturation economic zones and the lack of attractiveness of gains obtainable in certain markets determine the migration of capital to areas that are or may become interesting in terms of the gains that are achieved by investing in these areas in conjunction minimizing market risk assumed.

Electric utilities strategies in final energy markets

International Nuclear Information System (INIS)

Bianchi, A.

2000-01-01

In rapidly changing markets, electric utilities pay growing attention to customers and service. They are aware that competition needs strategies capable of transforming and strengthening the privileged position resulting from the knowledge of the market. Moreover, this aspect is the link between different value chains to describe new multi utility approaches [it

MARKET INFORMATIONAL EFFICIENCY TESTS AND ITS CRITICS: THE CASE OF EMERGENT CAPITAL MARKETS

OpenAIRE

OPREAN Camelia; BRATIAN Vasile

2012-01-01

Efficient Market Hypothesis (EMH) has attracted a considerable number of studies in empirical finance, particularly in determining the market efficiency of an emerging financial market. Conflicting and inconclusive outcomes have been generated by various existing studies in EMH. In addition, efficiency tests in the emerging financial markets are rarely definitive in reaching a conclusion about the issue. The paper proposes a critical analysis regarding the testing methods of the informational...

Technology acceptance model and the paths to online customer loyalty in an emerging market

Directory of Open Access Journals (Sweden)

Nguyen Thi Tuyet Mai

2013-12-01

Full Text Available The technology acceptance model (TAM has been well-known for decades. However, the global adoption of the Internet creates new interests in utilizing TAM in e-commerce and the post-consumption intention, especially in emerging markets. Data was collected from 758 online customers via a web-based survey in Vietnam. Particular contribution of the results is that perceived usefulness, perceived ease of use, fairness, trust and the quality of the customer interface have direct or indirect impacts on customer satisfaction and customer loyalty. Moreover, in emerging markets, trust was outlined as the strongest factor contributing to customer satisfaction and leading to customer loyalty.

Extreme value theory in emerging markets

Directory of Open Access Journals (Sweden)

Anđelić Goran

2010-01-01

Full Text Available This paper investigates the performance of extreme value theory (EVT with the daily stock index returns of four different emerging markets. The research covers the sample representing the Serbian (BELEXline, Croatian (CROBEX, Slovenian (SBI20, and Hungarian (BUX stock indexes using the data from January 2006 - September 2009. In the paper a performance test was carried out for the success of application of the extreme value theory in estimating and forecasting of the tails of daily return distribution of the analyzed stock indexes. Therefore the main goal is to determine whether EVT adequately estimates and forecasts the tails (2.5% and 5% at the tail of daily stock index return distribution in the emerging markets of Serbia, Croatia, Slovenia, and Hungary. The applied methodology during the research includes analysis, synthesis and statistical/mathematical methods. Research results according to estimated Generalized Pareto Distribution (GPD parameters indicate the necessity of applying market risk estimation methods, i.e. extreme value theory (EVT in the framework of a broader analysis of investment processes in emerging markets.

Time Varying Market Integration and Expected Rteurns in Emerging Markets

NARCIS (Netherlands)

de Jong, F.C.J.M.; de Roon, F.A.

2001-01-01

We use a simple model in which the expected returns in emerging markets depend on their systematic risk as measured by their beta relative to the world portfolio as well as on the level of integration in that market.The level of integration is a time-varying variable that depends on the market value

Bond Portfolio Allocations in South Africa Emerging Markets

Directory of Open Access Journals (Sweden)

Jinghua Wang

2016-03-01

Full Text Available Over the past fifty years, economic growth in emerging markets has been supported by investments in capital and technology from the developed world. The benefit of this development for the emerging markets, as measured by growth in income, employment, and wealth, is immediately apparent. There have also been significant advantages for the developed world through opportunities for higher risk adjusted returns from investments in emerging markets. This study explores the benefits of the diversification of global government bond portfolio, and provides complete performance evaluations of DMs with or without South Africa emerging market (SAEM bonds. The study examines the benefits of inclusion of SAEM bonds in DMs, the degrees of financial integration among the research markets, the relative bond returns of dynamic factor models with time-varying coefficients and the robust tests of bond portfolio performance between DMs with SAEM and bond index. The results of this study provide important implications for global investors by identifying diversification gains in SAEM.  Keywords: African Bond Market, Portfolio Diversification

CORPORATE GOVERNANCE AND FIRM VALUE IN EMERGING MARKETS AN EMPIRICAL ANALYSIS OF ADR ISSUING EMERGING MARKET FIRMS

Directory of Open Access Journals (Sweden)

Aysun Ficici

2012-01-01

Full Text Available This study explores the value implications of good corporate governance for a sample of 54 ADR issuing emerging market firms (EMFs from 9 countries primarily located in the regions of Asia, Eastern Europe and Latin America and the and employs recently constructed company composite corporate governance metric along with some alternative corporate governance measures associated with the origin of the issuing firm. Although the ADR literature primarily focuses on the impact of subscription to US disclosure requirements we contend that company and country specific corporate governance standards play a significant role in the risk reduction and ensuing value capture.  The fundamental inquiry in this study has the following foci: The primary focus is on the impact of corporate governance structures on firm performance as to whether adherence to standards creates market value for ADR issuing EMFs.  Do good corporate governance practices affect the value of EMFs? The secondary focus is concerned with whether the impact of corruption level and legal system in a firm’s home country affect the corporate structures of EMFs thus affecting the market value of firms.  In this study, we utilize Tobin’s q as the measure of firm performance/market value.  Our findings suggest that there is a significant correlation between corporate governance structures of ADR issuing EMFs and their market values and/or performances.  The results also indicate that the level of corruption and legal structures in home countries of EMFs strongly impact the corporate governance structures of these firms and sequentially affect their market values. Therefore, this research further contributes to the scholarly findings and suppositions that corporate structures of firms do create consequences on firm value.

Natural gas pipelines: emerging market challenges

International Nuclear Information System (INIS)

Smart, A.; Balfe, P

2001-01-01

The Australian gas industry has come a long way in recent years. Most of the formerly government owned gas transmission, distribution and retail businesses have been privatised; major utility companies have been fundamentally restructured; the convergence of energy markets has seen many companies stepping outside the boundaries of their traditional businesses; and national competition policy has led to profound changes in the regulatory landscape. Yet despite the magnitude of these changes, it is clear that the journey of competitive reform has a long way to go. The Australian Gas Association's Industry Development Strategy identifies the potential for gas to increase its share of Australia's primary energy market, from around 18 percent at present to 22 percent by 2005, and 28 percent by 2015. Our analysis, using ACIL's Eastern Australian Gas Model, clearly shows that in the absence of major new sources of gas, these challenging targets will not be met and, indeed, there will be an increasing supply shortfall. However, with the emergence of new competitive supply sources such as Papua New Guinea and the Timor Sea, our modelling suggests that most of this demand can be satisfied at prices which will maintain gas' competitiveness in energy markets. Such developments provide both opportunities and challenges for the industry. In particular, they will profoundly affect the owners and operators of transmission pipeline systems. (Authors)

Building Innovation Subsidiaries in Emerging Markets

DEFF Research Database (Denmark)

Pogrebnyakov, Nicolai; Kristensen, Jonas D.

2011-01-01

Innovation subsidiaries increasingly follow manufacturing subsidiaries into emerging markets. Compared to well-established Western economies, emerging markets present unique challenges for the development of innovation management capabilities at subsidiaries. This paper distinguishes between...... multinational pharmaceutical company, Novo Nordisk. Lessons learned include assigning the subsidiary responsibility for a self-contained piece of work while maintaining a central R&D function, balancing local and in-company management, using local innovation talent, and educating new hires into the company...

Utility residual fuel oil market conditions: An update

International Nuclear Information System (INIS)

Mueller, H.A. Jr.

1992-01-01

Planning for residual fuel oil usage and management remains an important part of the generation fuel planning and management function for many utilities. EPRI's Utility Planning Methods Center has maintained its analytical overview of the fuel oil markets as part of its overall fuel planning and management research program. This overview provides an update of recent fuel oil market directions. Several key events of the past year have had important implications for residual fuel oil markets. The key events have been the changes brought about by the Persian Gulf War and its aftermath, as well as continuing environmental policy developments. The Persian Gulf conflict has created renewed interest in reducing fuel oil use by utilities as part of an overall reduction in oil imports. The policy analysis performed to date has generally failed to properly evaluate utility industry capability. The Persian Gulf conflict has also resulted in an important change in the structure of international oil markets. The result of this policy-based change is likely to be a shift in oil pricing strategy. Finally, continued change in environmental requirements is continuing to shift utility residual oil requirements, but is also changing the nature of the US resid market itself

Business continuity management in emerging markets: the case of Jordan.

Science.gov (United States)

Sawalha, Ihab H; Anchor, John R

2012-01-01

Despite their considerable growth in last few decades, emerging markets (EM) face numerous risks that have the potential to slow down or obstruct their development. Three main issues are discussed in this paper: first, the risks facing organisations operating in emerging markets and Jordan in particular; secondly, the role of business continuity management (BCM) in emerging markets; and thirdly, potential factors that underpin the role of BCM in emerging markets. These issues are significant, as they represent the role of BCM in highly dynamic and fast changing business environments. The paper provides a discussion of the significance of BCM in reducing or preventing risks facing organisations operating in emerging markets, especially those in Jordan.

Are Foreign Institutional Investors Good for Emerging Markets?

OpenAIRE

Frenkel, Michael; Menkhoff, Lukas

2003-01-01

Portfolio flows channeled via institutional investors were the most dynamic capital flows to emerging markets in the 1990s. We use an asymmetric information framework to derive five propositions, to integrate empirical evidence and to suggest policy implications. Opaque information in emerging markets hinders foreign market entrants. Moreover, following financial opening, institutional investors can worsen the position of local investors due to unintentionally creating unbalanced diversificat...

Developing utility emergency preparedness exercises

International Nuclear Information System (INIS)

Sjoeblom, K.

1986-01-01

Utility emergency preparedness exercises constitute an important link in upgrading the response to nuclear power plant emergencies. Various emergency exercises are arranged annually at the Loviisa nuclear power plant. The on-site simulator is a practical tool in developing suitable accident scenarios and demonstrating them to the site emergency players and spectators. The exercises concentrate on emergency management and radiological activities. It is important to create a high degree of motivation. (author)

Coal's sleeping market: non-utility generators

International Nuclear Information System (INIS)

McMahan, R.L.; Knutson, K.S.

1992-01-01

The article briefly profiles the coal market for non-utility generation (NUG). Coal consumption by NUGs, currently estimated at around 6.1 million tons, is projected to reach nearly 13.6 million tons by 1995 and 21.2 million tons by 2000. If the projected growth is achieved the NUG market may become one of the strongest market segments for the coal industry into the next century. 3 figs., 2 tabs

Identifying and Managing Engineering Design Requirements for Emerging Markets

DEFF Research Database (Denmark)

Li, Xuemeng

, especially for those companies originally from developed markets, to acquire an in-depth understanding of particular design requirements in emerging markets in order to adapt both company products and approaches in such contexts. Prior studies on the identification and management of design requirements have...... predominantly been conducted in the context of developed countries and relatively affluent markets. Emerging markets are distinct from developed markets in terms of numerous contextual factors, e.g., regulatory environments and competitive landscapes. These factors influence the requirement identification...... attention. There is a need for an overview of different perspectives in requirement identification for manufacturing companies and their corresponding assessments in the context of emerging markets. Therefore, this research project is motivated to 1) investigate the process of identifying and managing...

The Influence of Emerging Markets on the Pharmaceutical Industry.

Science.gov (United States)

Tannoury, Maya; Attieh, Zouhair

2017-01-01

Emerging markets represent an exceptional opportunity for the pharmaceutical industry. Although a precise definition is not yet available, economists define emerging markets as developing prosperous countries in which investment is expected to result in higher income despite high risks. Qualifying a market as emerging is not merely based on the economic status of the country, but also on several criteria that render the definition applicable to each country. Jim O'Neil, retired chairman of asset management at Goldman Sachs, identified leading economies of emerging markets: Brazil, Russia, India, and China (BRIC) and later Brazil, Russia, India, China, and South Africa (BRICS) and then Mexico, Indonesia, South Korea, and Turkey (MIST), which followed years later as the second tier of nations. Sales of the pharmaceutical markets in BRICS and MIST countries doubled in 5 years, reaching a market share of approximately 20%. The shift toward these new markets has been attributed to the large populations, growing prosperity, and increasing life expectancy in BRICS and MIST countries. In addition, companies are experiencing flattened growth of developed markets, expiration of patents leading to the up-selling of less expensive generic drugs, and tight regulations enforced in mature markets. Particular attention must therefore be given to these emerging markets. The strategies adopted by pharmaceutical companies that want to expand in these markets must be tailored to the pace of development of each country. These countries need drugs against infectious diseases and communicable diseases such as sexually transmitted diseases. They are readily exploitable territories for the innovative products of pharmaceuticals. Nevertheless, with the increase in wealth and longevity, a change of lifestyle is occurring. These changes accompany a shift in disease patterns. A disproportionally fast rise in the incidence of noncommunicable diseases such as cardiovascular illnesses, diabetes

An examination of consumer profiles across brands in emerging markets

DEFF Research Database (Denmark)

Truong, Oanh; Faulkner, Margaret; Mueller Loose, Simone

2012-01-01

There is generalised evidence that consumer profiles seldom differ between brands across many product categories in developed markets. However, market segmentation based on consumer characteristics continues to be a common marketing tactic, especially in international marketing context. This study...... markets. Deviations are found across whisky brands, which are related to brand distribution and affordability. These potentially constitute boundary conditions for the discovered empirical generalisations. The key implication for marketing practitioners is that market segmentation using consumer...... examines consumer profiles in emerging markets to see if any difference exists. We examined 190 brands in nine different emerging markets across two product categories: hair care and whisky. In general, our findings are in-line with earlier empirical results – consumer profiles seldom differ in emerging...

Empirical Studies on Financial Markets: Private Equity, Corporate Bonds and Emerging Markets

NARCIS (Netherlands)

G.J. de Zwart (Gerben)

2008-01-01

textabstractThis dissertation consists of five empirical studies on financial markets. Each study can be read independently and covers a specific market, either private equity, corporate bonds or emerging markets. The first study documents that risk factors cannot account for the significant excess

RELATIONSHIP BETWEEN STOCK MARKET RETURNS AND EXCHANGERATES IN EMERGING STOCK MARKETS

Directory of Open Access Journals (Sweden)

M.N. Arshad

2017-04-01

Full Text Available Abstract-This paper aims to study the relationship between stock market returns and exchange rates in emerging stock markets including Malaysia, Singapore, Thailand, Indonesia and Philippines. The data is taken from January 2003 to December 2012 using weekly closing indices and separated in two periods; before (2003-2007 and second, after (2008-2012 the financial crisis of 2008. Johansen-Juselius (JJ. Granger causality tests show that unidirectional causality exists between the stock market returns and exchange rates for Thailand before the financial crisis, whilst, for Indonesia and Singapore, the unidirectional causality between the two variables is detected in the period after the financial crisis. Error Correction Model (ECM indicates the existence of long run causality between the two variables for Philippines. This study also finds that most of the emerging stock markets are informationally inefficient.

Unraveling hidden order in the dynamics of developed and emerging markets.

Science.gov (United States)

Berman, Yonatan; Shapira, Yoash; Ben-Jacob, Eshel

2014-01-01

The characterization of asset price returns is an important subject in modern finance. Traditionally, the dynamics of stock returns are assumed to lack any temporal order. Here we present an analysis of the autocovariance of stock market indices and unravel temporal order in several major stock markets. We also demonstrate a fundamental difference between developed and emerging markets in the past decade - emerging markets are marked by positive order in contrast to developed markets whose dynamics are marked by weakly negative order. In addition, the reaction to financial crises was found to be reversed among developed and emerging markets, presenting large positive/negative autocovariance spikes following the onset of these crises. Notably, the Chinese market shows neutral or no order while being regarded as an emerging market. These findings show that despite the coupling between international markets and global trading, major differences exist between different markets, and demonstrate that the autocovariance of markets is correlated with their stability, as well as with their state of development.

Database marketing practices and opportunities in a newly emerging African market

NARCIS (Netherlands)

Paas, L.J.

2009-01-01

In this paper, qualitative research is conducted to gain insight into the current application and potential of database marketing in a newly emerging African economy, Tanzania. It is found that database marketing applications in Tanzania are currently limited, but that there is potential. The most

Strategies that fit emerging markets.

Science.gov (United States)

Khanna, Tarun; Palepu, Krishna G; Sinha, Jayant

2005-06-01

It's no easy task to identify strategies for entering new international markets or to decide which countries to do business with. Many firms simply go with what they know-and fall far short of their goals. Part of the problem is that emerging markets have "institutional voids": They lack specialized intermediaries, regulatory systems, and contract-enforcing methods. These gaps have made it difficult for multinationals to succeed in developing nations; thus, many companies have resisted investing there. That may be a mistake. If Western companies don't come up with good strategies for engaging with emerging markets, they are unlikely to remain competitive. Many firms choose their markets and strategies for the wrong reasons, relying on everything from senior managers' gut feelings to the behaviors of rivals. Corporations also depend on composite indexes for help making decisions. But these analyses can be misleading; they don't account for vital information about the soft infrastructures in developing nations. A better approach is to understand institutional variations between countries. The best way to do this, the authors have found, is by using the five contexts framework. The five contexts are a country's political and social systems, its degree of openness, its product markets, its labor markets, and its capital markets. By asking a series of questions that pertain to each ofthe five areas, executives can map the institutional contexts of any nation. When companies match their strategies to each country's contexts, they can take advantage of a location's unique strengths. But first firms should weigh the benefits against the costs. If they find that the risks of adaptation are too great, they should try to change the contexts in which they operate or simply stay away.

Burden of emergency conditions and emergency care utilization: New estimates from 40 countries

Science.gov (United States)

Chang, Cindy Y.; Abujaber, Samer; Reynolds, Teri A.; Camargo, Carlos A.; Obermeyer, Ziad

2016-01-01

Objective To estimate the global and national burden of emergency conditions, and compare them to emergency care utilization rates. Methods We coded all 291 Global Burden of Disease 2010 conditions into three categories to estimate emergency burden: conditions that, if not addressed within hours to days of onset, commonly lead to serious disability or death; conditions with common acute decompensations that lead to serious disability or death; and non-emergencies. Emergency care utilization rates were obtained from a systematic literature review on emergency care facilities in low- and middle-income countries (LMICs), supplemented by national health system reports. Findings All 15 leading causes of death and DALYs globally were conditions with potential emergent manifestations. We identified 41 facility-based reports in 23 countries, 12 of which were in LMICs; data for 17 additional countries were obtained from national or regional reports on emergency utilization. Burden of emergency conditions was the highest in low-income countries, with median DALYs of 47,728 per 100,000 population (IQR 45,253-50,085) in low-income, 25,186 (IQR 21,982-40,480) in middle-income, and 15,691 (IQR 14,649-16,382) in high-income countries. Patterns were similar using deaths to measure burden and excluding acute decompensations from the definition of emergency conditions. Conversely, emergency utilization rates were the lowest in low-income countries, with median 8 visits per 1,000 population (IQR 6-10), 78 (IQR 25-197) in middle-income, and 264 (IQR 177-341) in high-income countries. Conclusion Despite higher burden of emergency conditions, emergency utilization rates are substantially lower in LMICs, likely due to limited access to emergency care. PMID:27334758

Key Issues and Challenges in Estimating the Cost of Capital for Energy Network Utilities in Emerging Markets(Gelişmekte Olan Ülkelerde Enerji Şebeke Şirketleri İçin Sermaye Maliyetinin Tahminindeki Ana Konu ve Sorunlar

Directory of Open Access Journals (Sweden)

Mustafa GÖZEN

2012-01-01

Full Text Available Estimating the cost of capital in emerging markets presents greater difficulties because these markets have relatively illiquid capital markets and higher levels of sovereign risk, economic uncertainties, and political risks. Experience shows that in estimating cost of capital, energy regulators in emerging countries usually depend on the work and recommendations of their staff and/or outside consultancy services. Since the ultimate decision is made by regulators, they need to understand the challenges and key issues in estimating a fair and reasonable cost of capital for energy utilities. The article introduces and discusses the key issues and challenges that regulators have to deal with when estimating cost of capital. Unfortunately, there is no agreement among academics, regulators, bankers, and other practitioners on how to address the key issues and challenges in determining the cost of capital in emerging economies. This makes capital cost estimation even more difficult in emerging economies.

The Value of Institutions for Financial Markets; Evidence From Emerging Markets

OpenAIRE

Thomas Stratmann; Bernardin Akitoby

2009-01-01

This paper investigates the value of political institutions for financial markets, using panel data from emerging market countries. We test the hypothesis that changes in political institutions, such as improvements in democratic rights and increased government accountability, have a direct effect on sovereign interest rate spreads. We find that financial markets value institutions over and above the economic and fiscal outcomes these institutions shape. Democracy and accountability generally...

Emerging market business cycles: the cycle is the trend

OpenAIRE

Mark Aguiar; Gita Gopinath

2004-01-01

Business cycles in emerging markets are characterized by strongly counter-cyclical current accounts, consumption volatility that exceeds income volatility, and dramatic “sudden stops” in capital inflows. These features contrast with those of developed, small open economies and highlight the uniqueness of emerging markets. Nevertheless, we show that both qualitatively and quantitatively a standard dynamic stochastic, small open economy model can account for the behavior of both types of market...

TESTING INFORMATIONAL EFFICIENCY: THE CASE OF U.E. AND BRIC EMERGENT MARKETS

OpenAIRE

OPREAN Camelia

2012-01-01

Empirical finance has brought together a considerable number of studies in determining the market efficiency in terms of information in the case of an emerging financial market. Conflicting results have been generated by these researches in efficient market hypothesis (EMH), so efficiency tests in the emerging financial markets are rarely definitive in reaching a conclusion about the existence of informational efficiency. This paper tests weak-form market efficiency of eight emerging markets:...

Stocks for the long run? : Evidence from emerging markets

NARCIS (Netherlands)

Spierdijk, Laura; Umar, Zaghum

2014-01-01

We estimate the myopic (single-period) and intertemporal hedging (long-run) demand for stocks in 20 growth-leading emerging market economies during the 1999-2012 period. We consider two types of investors: a domestic investor who invests in emerging-market assets only (with returns in local

Recent market behavior of utility stocks

International Nuclear Information System (INIS)

Studness, C.M.

1990-01-01

This article reviews the recent market behavior of utility stocks as compared to the Standard and Poor's 500 and the long-term government bond yield. Utility stock's performance continues to be affected by unfavorable regulation,and it appears that it will continue to be a factor for some time to come. A continually shrinking excess capacity continues to be a concern

FX and derivatives markets in emerging economies and the internationalisation of their currencies

OpenAIRE

Torsten Ehlers; Frank Packer

2013-01-01

Derivatives markets in emerging economies have continued to grow since 2010, driven mostly by very strong growth in the OTC market. Emerging market currencies have become more international as offshore markets are a major contributor to FX turnover. The Chinese renminbi is actively traded within emerging Asia. Trading of emerging market currencies is positively related to the size of cross-border financial flows.

Emerging Market Multinationals

DEFF Research Database (Denmark)

Gammeltoft, Peter; Hobdari, Bersant

2017-01-01

International knowledge flows and innovation are becoming ever more important to the competitiveness of multinational corporations. Emerging market multinationals (EMNCs) in specific are deploying increasingly activist measures to harness foreign sources of knowledge and innovation as a strategy...... in which this disagreement can be reconciled through recognition of other EMNC advantages, particularly abilities to leverage country-specific assets, and possession and development of dynamic capabilities. Finally, we identify a set of core themes in the recent literature on strategic asset...

Do emerging markets matter in the world oil pricing system? Evidence of imported crude by China and India

International Nuclear Information System (INIS)

Hong Li; Lin Xiaowen, Sharon

2011-01-01

This paper provides empirical evidence on the changing structure of world oil price system by identifying an additional driver-emerging market factor. We choose China and India as a representative of emerging markets to examine if the quantity of crude oil imported by China and India is significant in the existing oil pricing system (. Our data starts from January 2002 and ends in March 2010, which includes the oil shock of 2007-2008. We utilize cointegration and error correction model framework developed by and in the analysis. Our results indicate that demand from emerging markets has become a significant factor in the world oil pricing system since 2003. This result is significant as it lends empirical support to the widely held conjecture that the oil shock of 2007-2008 is a demand-led shock (). Our result also has significant policy implications that go beyond the oil shock. The emerging market factor is there to stay and reflects the changing power between emerging and developed economies in the world economic system as a result of decades of fast economic development in the former. It will certainly influence policy issues related to oil and beyond. - Highlights: → We test the existing oil price modelling with data from 2002-2010. → We find evidence of structural breaks in the world oil pricing model. → We find that emerging market factor is a new driver in the world oil pricing system since 2003. → The emerging market factor lends empirical support to 'consumption-led' conjecture of oil shock. → New factor reflects significant changes of oil demand landscape following shifting economic power.

Financial Services and Emerging Markets

NARCIS (Netherlands)

B. Karreman (Bas)

2011-01-01

textabstractThis study addresses the organization and strategy of firms in emerging markets with an explicit application to financial services. Given the relevance of a well-functioning financial system for economic growth, understanding the organization and strategy of firms contributing to the

Antitrust implications of utility participation in the market for remote photovoltaic systems

International Nuclear Information System (INIS)

Starrs, T.J.

1994-01-01

Remote photovoltaic systems are an important niche market in the development of a viable photovoltaics industry. Electric utilities in the US have started offering remote photovoltaic service. Utilities have the potential to use their monopoly power in regulated markets to unfair competitive advantage in competitive markets. Therefore, utility participation in remote photovoltaic markets raises potentially significant issues of antitrust law and policy. This paper describes some of the legal and factual criteria that US courts and regulatory agencies are likely to use in assessing the antitrust implications of utility participation in the market for remote photovoltaic systems

Understanding the Environments of Emerging Markets: The Social Costs of Institutional Voids

NARCIS (Netherlands)

S.B. Rodrigues (Suzana)

2013-01-01

textabstractDuring the past decade, emerging markets have had extraordinarily high growth rates compared to developed countries. Many agree that a distinctive characteristic of emerging markets is their rhythm of growth. Over the past thirty years, emerging markets have been encouraged to shape

THE IMPLICATIONS OF LIQUIDITY CRISES IN THE CONTEXT OF EMERGING CAPITAL MARKET

OpenAIRE

Felicia Ramona Birău

2012-01-01

This article aims to highlight the implications of liquidity crises in the context of emerging capital market. Capital markets, and especially emerging capital market appear to behave notably differently during periods of liquidity crises in comparison with periods of stability. The concept of emerging capital market itself is in obvious antithesis to the idea of financial equilibrium. This particular category of capital markets is characterized in a certain measure by profound institutional,...

Natural gas contracts in an emerging competitive market

International Nuclear Information System (INIS)

Sutherland, R.J.

1992-01-01

Natural gas is being viewed by many as the fuel of the 1990s and beyond because of its environmental qualities, relatively low cost and significant domestic resource base. However, in the Fall of 1991, a group of electric utility executives met with then Deputy Secretary of Energy Henson Moore and asserted that an inability to obtain long term gas contracts meant that supplies are unreliable and construction of gas-fueled generating stations is being discouraged. This study was requested by the Deputy Secretary to address the issues surrounding long-term gas contracts and supply reliability. The relationship between supply reliability and contracts is explained in terms of the number of buyers and sellers in a market. With the appropriate state regulatory policies, utilities can contract for gas and obtain reliable supplies at competitive market prices. Public utility commissioners are encouraged to permit utilities a free choice in signing gas contracts, but to allow only competitive market prices to be reflected in allowable fuel costs

Natural gas contracts in an emerging competitive market

Energy Technology Data Exchange (ETDEWEB)

Sutherland, R.J.

1992-11-01

Natural gas is being viewed by many as the fuel of the 1990s and beyond because of its environmental qualities, relatively low cost and significant domestic resource base. However, in the Fall of 1991, a group of electric utility executives met with then Deputy Secretary of Energy Henson Moore and asserted that an inability to obtain long term gas contracts meant that supplies are unreliable and construction of gas-fueled generating stations is being discouraged. This study was requested by the Deputy Secretary to address the issues surrounding long-term gas contracts and supply reliability. The relationship between supply reliability and contracts is explained in terms of the number of buyers and sellers in a market. With the appropriate state regulatory policies, utilities can contract for gas and obtain reliable supplies at competitive market prices. Public utility commissioners are encouraged to permit utilities a free choice in signing gas contracts, but to allow only competitive market prices to be reflected in allowable fuel costs.

Natural gas contracts in an emerging competitive market

Energy Technology Data Exchange (ETDEWEB)

Sutherland, R.J.

1992-01-01

Natural gas is being viewed by many as the fuel of the 1990s and beyond because of its environmental qualities, relatively low cost and significant domestic resource base. However, in the Fall of 1991, a group of electric utility executives met with then Deputy Secretary of Energy Henson Moore and asserted that an inability to obtain long term gas contracts meant that supplies are unreliable and construction of gas-fueled generating stations is being discouraged. This study was requested by the Deputy Secretary to address the issues surrounding long-term gas contracts and supply reliability. The relationship between supply reliability and contracts is explained in terms of the number of buyers and sellers in a market. With the appropriate state regulatory policies, utilities can contract for gas and obtain reliable supplies at competitive market prices. Public utility commissioners are encouraged to permit utilities a free choice in signing gas contracts, but to allow only competitive market prices to be reflected in allowable fuel costs.

Utility market penetration assessment of fusion-fission hybrids

International Nuclear Information System (INIS)

Jensen, B.K.; Nour, N.E.; Piascik, T.M.

1981-01-01

The objective of this paper is to describe the utility generation expansion evaluation procedure and to present the results of a fusion-fission hybrid market penetration assessment in a model of a typical utility system. The analysis addresses the key factors and tradeoffs affecting the utility's evaluation of generation alternatives

Globalization and innovation in emerging markets

Czech Academy of Sciences Publication Activity Database

Gorodnichenko, Y.; Švejnar, Jan; Terrell, K.

-, č. 14481 (2008), s. 1-48 ISSN N Institutional research plan: CEZ:AV0Z70850503 Keywords : globalization * innovation * emerging markets Subject RIV: AH - Economics http://www.nber.org/papers/w14481.pdf

How companies utilize mascots in their digital marketing

OpenAIRE

Terning, Maja

2013-01-01

The commissioner for this thesis was Spinfy, a children’s mobile applications developer. From August 2012 to December 2012, the author conducted her internship at Spinfy and during this time initiated a marketing stunt/project utilizing the company mascot as an online marketing tool. The main goal of this thesis was to provide the commissioner with a comprehensive digital mar-keting communications plan for their mascot, Spinky. A company mascot can take on various marketing roles, depending o...

Efficient Market Hypothesis: Some Evidences from Emerging European Forex Markets

Directory of Open Access Journals (Sweden)

Anoop S Kumar

2014-06-01

Full Text Available This study attempts to analyze the presence of weak form efficiency in the forex markets of a set of select European emerging markets namely Bulgaria, Croatia, Czech Republic, Hungary Poland, Romania, Russia, Slovakia and Slovenia using the monthly NEER data ranging from jan-1994 to Dec-2013. We employ a two step comprehensive methodology where in the first place we test for weak form efficiency using a family of individual and joint variance ratio tests. The results show that while the markets of Croatia, Czech Republic and Bulgaria may be weak form efficient at a shorter lag, the other six markets are not informationally efficient. In the next stage, we estimate a measure of relative efficiency to show the extent to which a market is weak-form inefficient. From the results, it is found that the forex markets of Croatia, Czech Republic and Bulgaria are least weak form inefficient compared to others. The findings of the study are of relevance as it shows that even after roughly two decades of free market economic policies, majority of the forex markets in the area remains informationally inefficient.

Emerging Market Multinational Companies and Internationalization

DEFF Research Database (Denmark)

Nielsen, Bo Bernhard; Estrin, Saul; Nielsen, Sabina

2014-01-01

This paper furthers our understanding of the role of contextual conditions influencing internationalization of emerging market multinational companies (EMNCs). We use resource-based, industrial organization, and economic development theories to develop a multilevel theoretical framework...

The development of Facebook marketing utilizing Content marketing. Case: Pirjon Pakari Oy.

OpenAIRE

Lehtikangas, Pauliina

2015-01-01

The purpose of this thesis was to learn how to improve Pirjon Pakari Oy’s brand visibility and overall visibility on Facebook. This was done by trying to add value to the end customer by producing interesting and engaging posts to Pirjon Pakari Oy’s Facebook page. This case study utilized theory from content marketing in attempts to improve the marketing of “Pirjon” Facebook page and therefore a Facebook content marketing strategy was created for Pirjon Pakari Oy. This strategy was implemente...

Efficient Market Hypothesis: Some Evidences from Emerging European Forex Markets

OpenAIRE

Anoop S Kumar; Bandi Kamaiah

2014-01-01

This study attempts to analyze the presence of weak form efficiency in the forex markets of a set of select European emerging markets namely Bulgaria, Croatia, Czech Republic, Hungary Poland, Romania, Russia, Slovakia and Slovenia using the monthly NEER data ranging from jan-1994 to Dec-2013. We employ a two step comprehensive methodology where in the first place we test for weak form efficiency using a family of individual and joint variance ratio tests. The results show that while the marke...

New paradigm for drug developments--from emerging market statistical perspective.

Science.gov (United States)

Quan, Hui; Chen, Xun; Zhang, Ji; Zhao, Peng-Liang

2013-11-01

Paradigm for new drug development has changed dramatically over the last decade. Even though new technology increases efficiency in many aspects, partially due to much more stringent regulatory requirements, it actually now takes longer and costs more to develop a new drug. To deal with challenge, some initiatives are taken by the pharmaceutical industry. These initiatives include exploring emerging markets, conducting global trials and building research and development centers in emerging markets to curb spending. It is particularly the current trend that major pharmaceutical companies offshore a part of their biostatistical support to China. In this paper, we first discuss the skill set for trial statisticians in the new era. We then elaborate on some of the approaches for acquiring statistical talent and capacity in general, particularly in emerging markets. We also make some recommendations on the use of the PDUFA strategy and collaborations among industry, health authority and academia from emerging market statistical perspective. © 2013.

The futility of utility: how market dynamics marginalize Adam Smith

Science.gov (United States)

McCauley, Joseph L.

2000-10-01

Economic theorizing is based on the postulated, nonempiric notion of utility. Economists assume that prices, dynamics, and market equilibria are supposed to be derived from utility. The results are supposed to represent mathematically the stabilizing action of Adam Smith's invisible hand. In deterministic excess demand dynamics I show the following. A utility function generally does not exist mathematically due to nonintegrable dynamics when production/investment are accounted for, resolving Mirowski's thesis. Price as a function of demand does not exist mathematically either. All equilibria are unstable. I then explain how deterministic chaos can be distinguished from random noise at short times. In the generalization to liquid markets and finance theory described by stochastic excess demand dynamics, I also show the following. Market price distributions cannot be rescaled to describe price movements as ‘equilibrium’ fluctuations about a systematic drift in price. Utility maximization does not describe equilibrium. Maximization of the Gibbs entropy of the observed price distribution of an asset would describe equilibrium, if equilibrium could be achieved, but equilibrium does not describe real, liquid markets (stocks, bonds, foreign exchange). There are three inconsistent definitions of equilibrium used in economics and finance, only one of which is correct. Prices in unregulated free markets are unstable against both noise and rising or falling expectations: Adam Smith's stabilizing invisible hand does not exist, either in mathematical models of liquid market data, or in real market data.

Demand-controlling marketing of electric utilities

Energy Technology Data Exchange (ETDEWEB)

Raffee, H; Fritz, W

1980-01-01

In situations like the shortage of energy resources the particular autonomy of the users concerning energy demand raises more and more aggravating problems for the electric utilities (EU) and, last not least, for society (i.e. the peak-load problem, threatening bottlenecks in the supply situation). Thus the requirement for a demand-controlling marketing strategy of the EU with the help of which the individual demand should be influenced in the following manner is legitimate. The article discusses the targets, strategies, and instruments of marketing performed by the EU under the aspect of their efficiency concerning demand control. The discussion leads to e.g. the following results: that a marketing strategy for the sensible, responsible, and efficent use of energy, in the long-term, serves both the interests of the users and the interests of the EU; that such a marketing programme can have the required controlling effects especially with the help of strategies like market segmentation and cooperation. The discussion makes also clear that a demand-controlling marketing strategy of the EU can hardly be realized without a considerable change within the organization of the EU on one hand and, on the other, without expanding the marketing programme toward a marketing strategy of balance.

Integration of Manufacturing and Development in Emerging Markets

DEFF Research Database (Denmark)

Søberg, Peder Veng; Wæhrens, Brian Vejrum

2011-01-01

The paper investigates the problems related to functional integration between manufacturing activities and R&D activities in emerging markets within multinational companies. A framework to this end is developed and illustrated in relation to four cases from multinational companies, which have...... established R&D and manufacturing in China or India. The findings point to the importance of contingencies such as industrial clock speed, technological complexity, as well as the extent to which local adaptation is needed. Keywords: Co-location, Emerging markets, Functional integration, Manufacturing, R&D....

Essays on predictability of emerging markets growth and financial performance

OpenAIRE

Banegas, Maria Ayelen

2011-01-01

This dissertation seeks to better understand the underlying factors driving financial performance and economic activity in international markets. The first chapter "Predictability of Growth in Emerging Markets: Information in Financial Aggregates" tests for predictability of output growth in a panel of twenty-two emerging market economies. I use pooled panel data methods that control for endogeneity and persistence in the predictor variables to test the predictive power of a large set of fina...

Emerging Market Multinational Companies and Internationalization

DEFF Research Database (Denmark)

Estrin, Saul; Nielsen, Bo B.; Nielsen, Sabina

2017-01-01

We develop a multilevel theoretical framework for investigating the role of home country urbanization for emerging market multinational companies' (EMNCs) international expansion. We propose that more urbanized home environments directly increase EMNC's proclivity to internationalize and moderate...

Globalisation and private infrastructure investments in emerging markets

CSIR Research Space (South Africa)

Chege, L

2004-11-01

Full Text Available benefit, it is argued that globalisation has brought a mixed basket of hope and disillusionment to emerging markets. On the one hand, there is the euphoria that comes with increased private capital inflows and market access, and on the other...

Financial development and poverty reduction in emerging market economies

Directory of Open Access Journals (Sweden)

Bayar Yılmaz

2017-01-01

Full Text Available Poverty reduction is one of the key challenges in the globalized world. This study investigates the relationship between financial development and poverty reduction in emerging market economies during the period 1993- 2012. The Carrión-i-Silvestre, del Barrio-Castro, and López-Bazo (2005 panel unit root test and the Basher and Westerlund (2009 cointegration test was applied considering the cross-sectional dependence and multiple structural breaks in the study period. The findings indicated that financial development, including banking sector development and stock market development, had a significant positive impact on poverty reduction in emerging market economies.

The utility target market model

International Nuclear Information System (INIS)

Leng, G.J.; Martin, J.

1994-01-01

A new model (the Utility Target Market Model) is used to evaluate the economic benefits of photovoltaic (PV) power systems located at the electrical utility customer site. These distributed PV demand-side generation systems can be evaluated in a similar manner to other demand-side management technologies. The energy and capacity values of an actual PV system located in the service area of the New England Electrical System (NEES) are the two utility benefits evaluated. The annual stream of energy and capacity benefits calculated for the utility are converted to the installed cost per watt that the utility should be willing to invest to receive this benefit stream. Different discount rates are used to show the sensitivity of the allowable installed cost of the PV systems to a utility's average cost of capital. Capturing both the energy and capacity benefits of these relatively environmentally friendly distributed generators, NEES should be willing to invest in this technology when the installed cost per watt declines to ca $2.40 using NEES' rated cost of capital (8.78%). If a social discount rate of 3% is used, installation should be considered when installed cost approaches $4.70/W. Since recent installations in the Sacramento Municipal Utility District have cost between $7-8/W, cost-effective utility applications of PV are close. 22 refs., 1 fig., 2 tabs

Globalization and innovation in emerging markets

Czech Academy of Sciences Publication Activity Database

Gorodnichenko, Y.; Švejnar, Jan; Terrell, K.

-, č. 76 (2008), s. 1-39 ISSN N Institutional research plan: CEZ:AV0Z70850503 Keywords : globalization * innovation * emerging markets Subject RIV: AH - Economics http://deepblue.lib.umich.edu/bitstream/2027.42/61188/1/IPC-working-paper-076-GorodnichenkoSvejnarTerrell.pdf

Citizen utilities: The emerging power paradigm

International Nuclear Information System (INIS)

Green, Jemma; Newman, Peter

2017-01-01

The emergence of citizen-based power systems in an integrated grid has been anticipated for decades. We can reveal how this is emerging in practice due to the significant uptake of solar photovoltaics (solar PV) and now battery storage in Perth, Australia. The high cost of electricity, high radiant energy levels and easy access to cheap Chinese technology, has led to dramatic buying during Perth's recent boomtown years. The traditional uni-directional power system is rapidly disrupting and this paper assesses where this may lead and what it means for the grid. Results of detailed monitoring in a solar powered house along with the impact of a battery storage system show the impact on the traditional grid is substantial but it will still be needed and must therefore adapt to the new distributed, bi-directional energy system. Surveys and price trajectories reveal how the trends to solar power storage will continue and how a citizen utility paradigm will emerge as the future grid building block using new blockchain support systems. Responses from utilities are then see to be fight, flight or innovate. - Highlights: • Citizen based power systems are emerging in Perth, Western Australia. • Solar power and battery storage systems are disrupting traditional utilities. • The grid will still have a role in the new, distributed power system. • The new system will lead to economic localism and the democratisation of power.

Initiative-taking, Improvisational Capability and Business Model Innovation in Emerging Market

DEFF Research Database (Denmark)

Cao, Yangfeng

Business model innovation plays a very important role in developing competitive advantage when multinational small and medium-sized enterprises (SMEs) from developed country enter into emerging markets because of the large contextual distances or gaps between the emerging and developed economies....... Many prior researches have shown that the foreign subsidiaries play important role in shaping the overall strategy of the parent company. However, little is known about how subsidiary specifically facilitates business model innovation (BMI) in emerging markets. Adopting the method of comparative...... innovation in emerging markets. We find that high initiative-taking and strong improvisational capability can accelerate the business model innovation. Our research contributes to the literatures on international and strategic entrepreneurship....

How Private Creditors Fared in Emerging Debt Markets, 1970-2000

OpenAIRE

Klingen, Christoph; Weder di Mauro, Beatrice; Zettelmeyer, Jeromin

2004-01-01

We estimate ex post returns to emerging market debt by combining secondary-market prices with observed flows based on World Bank data. From 1970-2000, returns averaged 9 percent per annum, about the same as returns on a ten-year U.S. treasury bond. This reflects the combined effect of the 1980s debt crisis and much higher returns during 1989-2000. Annual returns since 1986 have been less volatile than emerging market equity returns but more volatile than returns on U.S. corporate or high-yiel...

Sector strength and efficiency on developed and emerging financial markets

Science.gov (United States)

Fiedor, Paweł

2014-11-01

In this paper we analyse the importance of sectors and market efficiency on developed and emerging financial markets. To perform this we analyse New York Stock Exchange between 2004 and 2013 and Warsaw Stock Exchange between 2000 and 2013. To find out the importance of sectors we construct minimal spanning trees for annual time series consisting of daily log returns and calculate centrality measures for all stocks, which we then aggregate by sectors. Such analysis is of interest to analysts for whom the knowledge of the influence of particular groups of stocks to the market behaviour is crucial. We also analyse the predictability of price changes on those two markets formally, using the information-theoretic concept of entropy rate, to find out the differences in market efficiency between a developed and an emerging market, and between sectors themselves. We postulate that such analysis is important to the study of financial markets as it can contribute to the profitability of investments, particularly in the case of algorithmic trading.

Drivers of the international expansion of emerging-market multinationals

Directory of Open Access Journals (Sweden)

D. Boșcor

2013-06-01

Full Text Available The purpose of the present paper is to analyze the drivers of the international expansion of emerging market multinationals and the strategies applied by these companies in other emerging and developed markets. The paper applies a conceptual approach combined with analyses of statistics and secondary material and presents the company and the country specific advantages. The proposals for the Romanian companies and institutions are based on the comparison between the drivers of expansion in the BRIC countries.

Free Market Institutions and FDI Performance in Emerging Asian Economies

Directory of Open Access Journals (Sweden)

Vogiatzoglou Klimis

2016-12-01

Full Text Available This paper examines long-term developments in the quality and efficiency of free market institutional systems across thirteen emerging economies from South, South-east, and East Asia over the 1995–2014 period. The paper also empirically assesses the impact of free market institutions on a country’s inward foreign direct investment (FDI performance. We find that the free market institutional framework in most economies is still relatively inefficient, restrictive, and underdeveloped but has, nevertheless, substantially improved during the last twenty-year period. Our empirical results also indicate that a free market institutional system in a host-country is a factor that attracts inward FDI to emerging Asian economies by multinational companies. Consequently, policy makers should focus on further improving the quality of free market institutions.

Then and now with utility advertising and marketing

Energy Technology Data Exchange (ETDEWEB)

Netschert, B.C.

1978-11-09

Basic business functions, such as advertising and marketing, occupy a valid place in the lives of public utilities, even in an environment where conservation and economy are emphasized. The author describes how a particular group of electric-utility companies has changed emphasis in an exemplary response to new societal pressures and values. He identifies the litmus test of the appropriateness of promotional and information activities and expenditures by utilities in terms of consumer sovereignty.

7 CFR 1486.100 - What is the Emerging Markets Program?

Science.gov (United States)

2010-01-01

... include activities such as feasibility studies, market research, sector assessments, orientation visits... intended primarily to support export market development efforts of the private sector, but the Program's... 7 Agriculture 10 2010-01-01 2010-01-01 false What is the Emerging Markets Program? 1486.100...

On Innovation: A Theoretical Approach on the Challenges of Utilities Marketing

Directory of Open Access Journals (Sweden)

Florina PÎNZARU

2012-06-01

Full Text Available One of the markets not long ago closed and completely regulated is now in the growing process of liberalization and deregulation: it is the utilities market we refer to (water, sewege, gas, electricity, waste collection. The deregulation of a market is usually followed by the appearance of competition expression conditions and, unassailably, the occurrence of specific marketing strategies. This paper investigates the specific of utilities marketing as it develops now, an bourgeoning domain, although with a rather discreet presence in this field’s theoretical analysis studies. Exploratory research on the analysis type products, promotional offers and communication of this market’s players shows an effervescent players practice, but also a continuous innovation necessary in a market where consumers are unfamiliar with bein persuaded by commercial means

Globalization and innovation in emerging markets

Czech Academy of Sciences Publication Activity Database

Gorodnichenko, Y.; Švejnar, Jan; Terrell, K.

2010-01-01

Roč. 2, č. 2 (2010), s. 194-226 ISSN 1945-7707 R&D Projects: GA ČR GAP402/10/2130; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : emerging market economies * foreign competition * innovation Subject RIV: AH - Economics Impact factor: 0.158, year: 2010

The Impact of Sovereign Credit Rating Changes on Emerging Stock Markets

OpenAIRE

YIN, WEIGUO

2008-01-01

This study investigate the impact of sovereign rating change in emerging markets by using 42 sample counties over the period Jan. 1999 to Aug. 2008. The concurrent relationship between sovereign rating changes and the associated stock market spread can be established: the spreads tend to rise (fall) when upgrades (downgrades) occur. Surprisingly, according to Fitch report regarding the emerging market liquidity, we divide the whole time line into two sub-periods. It is found that rating chang...

Determinants of Stock Market Co-Movements between Pakistan and Asian Emerging Economies

Directory of Open Access Journals (Sweden)

Muhammad Aamir

2018-06-01

Full Text Available This study analyzes the determinants of stock market co-movement between Pakistan and Asian emerging economies for the period 2001 to 2015. Augmented Dickey and Fuller (ADF and Philips-Perron (PP tests are applied to check co-integration between their stock markets. Results of this study reveal that there is long-term integration between the stock market of Pakistan and the stock markets of China, India, Indonesia, Korea, Malaysia and Thailand. This study reports the driving forces of the co-movement between the Pakistan and Asian emerging markets where co-integration is found. Results of the panel data reveal that there are significant underlying forces of integration between Pakistan and each Asian emerging stock market. The findings of this study have significant implications for policy makers in Pakistan who are designing strategies for macroeconomic harmonization and stability of the country’s economy against financial shocks.

Marketing and utilization survey of some forest plant tubers sold in ...

African Journals Online (AJOL)

A marketing and utilization survey of some forest plants tubers sold in Abeokuta markets was conducted. Four markets were chosen namely, Itoku, Kuto, Adatan and Iberekodo with ,35, 25, 20, and 20 herb sellers respectively. Hundred percent enumerations of questionnaire were administered in the Markets. The number of ...

The Emerging Global Education Industry: Analysing Market-Making in Education through Market Sociology

Science.gov (United States)

Verger, Antoni; Steiner-Khamsi, Gita; Lubienski, Christopher

2017-01-01

This paper addresses the rise and consequences of an emerging global education industry (GEI), which represents new forms of private, for profit involvement in education across the globe. The paper explores the emergence within the GEI of new and varied, largely transnational, markets in education by focusing on three examples of the GEI at work.…

ABB’s Internationalization in the Emerging Chinese Market : Entry Mode and Market Development Progress

OpenAIRE

Phan Van, Thang; Xin, Zhang

2008-01-01

The aim of the thesis is to describe the entry mode choice and market development progress of the successful MNC ABB in the specific emerging market China. The authors also want to use theories in the master course of International Business and Entrepreneurship to explain the internationalization of one specific company ABB

Heterogeneity across emerging market central bank reaction functions

Directory of Open Access Journals (Sweden)

Mesut Turkay

2017-09-01

Full Text Available The purpose of this study is to analyze monetary policy reaction functions of inflation targeting emerging market economies. Heterogeneity across central bank behavior is modelled using dynamic common correlated effects estimator in a panel data framework of 15 countries. The empirical method allows us to obtain country specific coefficients and shows differences across central bank reaction functions. Model results imply that central banks behave according to an extended Taylor rule and respond to deviation of inflation from the target, output gap, real exchange rate and external financial conditions. The study finds that emerging market central banks consider not only price stability, but also financial stability in setting of interest rates.

Profit maximization algorithms for utility companies in an oligopolistic energy market with dynamic prices and intelligent users

Directory of Open Access Journals (Sweden)

Tiansong Cui

2016-01-01

Full Text Available Dynamic energy pricing provides a promising solution for the utility companies to incentivize energy users to perform demand side management in order to minimize their electric bills. Moreover, the emerging decentralized smart grid, which is a likely infrastructure scenario for future electrical power networks, allows energy consumers to select their energy provider from among multiple utility companies in any billing period. This paper thus starts by considering an oligopolistic energy market with multiple non-cooperative (competitive utility companies, and addresses the problem of determining dynamic energy prices for every utility company in this market based on a modified Bertrand Competition Model of user behaviors. Two methods of dynamic energy pricing are proposed for a utility company to maximize its total profit. The first method finds the greatest lower bound on the total profit that can be achieved by the utility company, whereas the second method finds the best response of a utility company to dynamic pricing policies that the other companies have adopted in previous billing periods. To exploit the advantages of each method while compensating their shortcomings, an adaptive dynamic pricing policy is proposed based on a machine learning technique, which finds a good balance between invocations of the two aforesaid methods. Experimental results show that the adaptive policy results in consistently high profit for the utility company no matter what policies are employed by the other companies.

Carbon market emerges

International Nuclear Information System (INIS)

Hordern, N.

2001-01-01

Last November COP6, the UN climate change conference in The Hague, failed to agree on the rules of the Kyoto Protocol, the treaty limiting developed countries' emissions of greenhouse gases ('carbon'). Many in the Australian resource and energy sector were relieved that COP6 was inconclusive. As Industry Minister Senator Nick Minchin put it: 'Better no outcome than a bad outcome.' However, the financial services sector -potentially a major beneficiary of the international carbon it hoped COP6 would endorse -received a setback. Apparently not for long. Only months later, a nascent Australian carbon trading market seems to be emerging by stealth, irrespective of COP6's fortunes. This poses both opportunities and costs for the resources and energy sectors. Whoever succeeds in influencing the design of a trading scheme, 'pilot' or not, will have a box seat when - not if - a 'mandatory' emissions trading scheme is introduced. Government policy is that there will be no mandatory emissions trading scheme until the establishment of a UN endorsed international market requires one of Australia. This, in turn, depends upon the conclusion of the negotiations that stalled in The Hague. COP6 is set to resume in Germany, probably in July

Determinants of reverse knowledge transfer for emerging market multinationals: the role of complexity, autonomy and embeddedness

Directory of Open Access Journals (Sweden)

Franciane Freitas Silveira

Full Text Available Abstract Subsidiaries conduct innovation activities in foreign markets either to capture valuable knowledge that is necessary to adapt their products to local markets or to create valuable knowledge for headquarters. For emerging market multinationals, most studies have overlooked the determinants of successful reverse knowledge transfer from subsidiaries located in emerging and developed markets. This paper analyzed the responses of a survey administered to 78 Brazilian multinationals that own subsidiaries in developed and emerging markets. We found that knowledge complexity developed at the subsidiary, its autonomy and embeddedness in the foreign market determine the successful reverse knowledge transfer to headquarters of emerging market multinationals. This paper contributes to previous studies of reverse knowledge transfer by underlying the main drivers for emerging market multinationals.

Economic and financial integration in emerging markets: A European policy

Directory of Open Access Journals (Sweden)

Theodoropoulos Theodore E.

2005-01-01

Full Text Available This paper extends to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of "emerging markets". This work finds signs that, contrary to other emerging markets, this does not happen: for the future member states financial integration, similarly to the outcome observed in mature market economies, reduces cyclical volatility both in the short and in the long run. Weak indications are found that this may happen partially due to the anchoring of expectations provided by the EU Accession, and to the more robust institutional framework imposed by this process onto the countries in question.

NASA technology utilization program: The small business market

Science.gov (United States)

Vannoy, J. K.; Garcia-Otero, F.; Johnson, F. D.; Staskin, E.

1980-01-01

Technology transfer programs were studied to determine how they might be more useful to the small business community. The status, needs, and technology use patterns of small firms are reported. Small business problems and failures are considered. Innovation, capitalization, R and D, and market share problems are discussed. Pocket, captive, and new markets are summarized. Small manufacturers and technology acquisition are discussed, covering external and internal sources, and NASA technology. Small business and the technology utilization program are discussed, covering publications and industrial applications centers. Observations and recommendations include small business market development and contracting, and NASA management technology.

Impending flop for brand antiretrovirals in the emerging markets?

Science.gov (United States)

Daniele, Dionisio; Daniela, Messeri

2008-01-01

Forecasts from Country choices, South-South partnerships and Clinton Foundation-UNITAID coalition show that present policies for brand ARVs are at the risk of flop in emerging South markets such as India, China, Thailand and Brazil.The dynamics explored in this article highlight the risks the originator companies are running in the emerging markets, along with their interest in direct agreements with the generic industry for the manufacturing and marketing of ARVs.Resulting information here would suggest the brand enterprises:To look for fast registration of their ARVs by regulatory authorities in all countries enlisted for differential pricing.To secure all formulations differentiated prices.To align with the Clinton-UNITAID prices for the corresponding generics.To pursue flexible negotiations with the generic companies to secure both counterparts long-term advantages.

A comprehensive review of the literature on epilepsy in selected countries in emerging markets

Directory of Open Access Journals (Sweden)

Angalakuditi M

2011-09-01

Full Text Available Mallik Angalakuditi1, Nupur Angalakuditi21Georgia State University, Atlanta, GA; 2New York Medical College, Valhalla, NY, USAAims: To perform a systematic literature review of studies in peer reviewed journals on the epidemiology, economics, and treatment patterns of epilepsy in selected countries in emerging markets.Methods: A literature search was performed using relevant search terms to identify articles published from 1999 to 2000 on the epidemiology, economics, and treatment patterns of epilepsy. Studies were identified through electronic Embase®, Cochrane©, MEDLINE®, and PubMed® databases. Manual review of bibliographies allowed for the detection of additional articles.Results: Our search yielded 65 articles. These articles contained information relevant to epidemiology (n = 16, treatment guidelines (n = 4, treatment patterns (n = 33, unmet needs (n = 4, and economics (n = 8. From a patient perspective, patients with less than or equal to two adverse events (AEs while taking anti-epileptic drugs (AEDs had significantly lower annual costs than those having greater than or equal to three AEs, as did patients with fewer seizures. The overall mean annual cost for epilepsy per patient ranged from US$773 in China to US$2646 in Mexico. Prevalence data varied widely and were found for countries including Arab League Members, China, India, and Taiwan. In Turkey, active prevalence rates ranged from 0.08/1000 to 8.5/1000, and in Arab countries, active prevalence ranged from 0.9/1000 in Sudan to 6.5/1000 in Saudi Arabia. Seventeen different AEDs were used in the identified studies. The most common AEDs utilized were phenobarbital (21.7%, valproate (17.5%, and tiagabine (16.4%. In all studies, the use of AEDs resulted in an increase of patients who became seizure free and a reduction in seizure frequency and severity.Conclusion: Few studies have examined the prevalence and incidence of epilepsy in emerging markets and study limitations tend to

Retail store image in emerging markets: An initial study among Chinese retailers

DEFF Research Database (Denmark)

Hansen, Kåre

differences regarding store characteristics, purchasing behavior, and supplier selection criteria among the three identified store image segments are revealed. The implications of these findings for practitioners and for future research on store image in emerging markets are highlighted....... their stores to defend and sustain the image (i.e. retailers' perspective). Here Chinese food retailing is used as an example of emerging markets. The study finds three unique store images, corresponding to up-market, middle-range, and down-market store segments. Contrasting the two studies, significant...

The Economic Value of Fundamental and Technical Information in Emerging Currency Markets

NARCIS (Netherlands)

G.J. de Zwart (Gerben); T.D. Markwat (Thijs); L.A.P. Swinkels (Laurens); D.J.C. van Dijk (Dick)

2007-01-01

textabstractWe measure the economic value of information derived from macroeconomic variables and from technical trading rules for emerging markets currency investments. Our analysis is based on a sample of 21 emerging markets with a floating exchange rate regime over the period 1997-2007 and

Globalization and innovation in emerging markets

OpenAIRE

Gorodnichenko, Yuriy; Svejnar, Jan; Terrell, Katherine

2009-01-01

Globalization brings opportunities and pressures for domestic firms in emerging markets to innovate and improve their competitive position. Using data on firms in 27 transition economies, the authors test for the effects of globalization through the impact of increased competition and foreign direct investment on domestic firms' efforts to innovate (raise their capability) by upgrading the...

The emergence of the marketing mix in the banking sector

OpenAIRE

Melnic Elena- Lidia

2018-01-01

This article explains the emergence of the marketing mix in the banking sector and the specificity of this field. Research has shown that the evolution of the marketing mix in banking is closely related to the evolution of the marketing mix for services. The modern approach of the marketing mix for services comes from Booms and Bitner, from 1981. They filled the traditional 4Ps of the marketing mix (coming from products): price, product, placement (distribu...

Moving toward New Horizons for Marketing Education: Designing a Marketing Training for the Poor in Developing and Emerging Markets

Science.gov (United States)

Teklehaimanot, Mebrahtu L.; Ingenbleek, Paul T. M.; Tessema, Workneh K.; van Trijp, Hans C. M.

2017-01-01

In recent years, marketing education has broadened to poor people in developing and emerging countries. In this article, the authors use four empirical studies that apply well-established training design procedures to design a marketing training program for Ethiopian pastoralists. Because pastoralists operate in extremely remote, traditional, and…

Impacts of Exchange Rate Regime Choice on Macroeconomic Performance in Emerging Markets

Directory of Open Access Journals (Sweden)

Rüstem Yanar

2008-12-01

Full Text Available This paper investigates the impact of exchange rate regime choice on macroeconomic performance after Bretton Woods in emerging market countries. It is studied especially inflation, growth and financial crises. It’s found that for emerging market countries, fixed regimes are associated with lower inflation than floats. On growth effect of exchange rate regime choice is not same all period. Fixed regimes are associated with faster growth but after 1990 fixed regimes brought about slower growth. At the same time, fixed exchange rate regimes are associated with financial fragility after 1990 in emerging markets

Change of Subsidiary Mandates in Emerging Markets

DEFF Research Database (Denmark)

Hansen, Michael W.; Petersen, Bent; Wad, Peter

2011-01-01

fails to conceptualize how the specificities of emerging market business environments affect subsidiary mandate evolution. The paper develops a theoretical model for business environment change influence on subsidiary mandates, and demonstrates how the model can capture much of recent years dramatic......In recent years, the activities of Danish MNCs in India have expanded dramatically. Previously dormant subsidiaries have been transformed into integral components in the global strategies of Danish MNCs, either as crucial cash cows catering to the rapidly growing Indian markets, or as platforms...

Investigating the Nonlinear Dynamics of Emerging and Developed Stock Markets

Directory of Open Access Journals (Sweden)

K. Guhathakurta

2015-01-01

Full Text Available Financial time-series has been of interest of many statisticians and financial experts. Understanding the characteristic features of a financial-time series has posed some difficulties because of its quasi-periodic nature. Linear statistics can be applied to a periodic time series, but since financial time series is non-linear and non-stationary, analysis of its quasi periodic characteristics is not entirely possible with linear statistics. Thus, the study of financial series of stock market still remains a complex task having its specific requirements. In this paper keeping in mind the recent trends and developments in financial time series studies, we want to establish if there is any significant relationship existing between trading behavior of developing and developed markets. The study is conducted to draw conclusions on similarity or differences between developing economies, developed economies, developing-developed economy pairs. We take the leading stock market indices dataset for the past 15 years in those markets to conduct the study. First we have drawn probability distribution of the dataset to see if any graphical similarity exists. Then we perform quantitative techniques to test certain hypotheses. Then we proceed to implement the Ensemble Empirical Mode Distribution technique to draw out amplitude and phase of movement of index value each data set to compare at granular level of detail. Our findings lead us to conclude that the nonlinear dynamics of emerging markets and developed markets are not significantly different. This could mean that increasing cross market trading and involvement of global investment has resulted in narrowing the gap between emerging and developed markets. From nonlinear dynamics perspective we find no reason to distinguish markets into emerging and developed any more.

Russia and Emerging Free-Markets: Opportunity or Threat?

National Research Council Canada - National Science Library

Murch, Darryl G

2006-01-01

.... Understanding the importance of economic security and its effect on emerging markets is valuable to the strategic thinker as an application in developing policy to reduce and ultimately prevent conflict...

Emerging markets for imported beef in China: Results from a consumer choice experiment in Beijing.

Science.gov (United States)

Ortega, David L; Hong, Soo Jeong; Wang, H Holly; Wu, Laping

2016-11-01

The purpose of this study is to explore emerging markets for imported beef in China by assessing Beijing consumer demand for quality attributes. This study utilizes data from an in-store choice experiment to evaluate consumer willingness-to-pay for select food quality attributes (food safety, animal welfare, Green Food and Organic certification) taking into account country-of-origin information. Our results show that Beijing consumers value food safety information the most, and are willing to pay more for Australian beef products than for US or domestic (Chinese) beef. We explore the various relationships between the quality attributes, find evidence of preference heterogeneity and discuss agribusiness and marketing implications of our findings. Copyright © 2016 Elsevier Ltd. All rights reserved.

Breaking into the utility market

International Nuclear Information System (INIS)

Argue, D.; Rubinoff, M.

1992-01-01

The wind energy industry in Canada must displace competition from government protected conventional energy industries if it is to gain a market position. This hypothesis is discussed for the case of Ontario, where the provincial utility has historically focused on nuclear, large hydro, and coal-fired sources. It is alleged that the utility has consistently underestimated costs for conventional energy sources and overestimated those for renewable sources such as wind power. Research by a coalition of environmental groups is cited to show that avoided generation costs in Ontario range from 8 cents/kWh for off-peak periods to a high of 12 cents/kWh during peak periods. At these values, even the utility's high cost estimates of $1,890-$2,600/kW for wind turbines and wind farms indicates cost effectiveness. Estimates of the added costs of conventional energy developments (the costs of environmental impacts not taken into account in conventional utility accounting) range from 1.1 cents/kWh for gas combined cycle cogeneration to 4.4 cents/kWh for existing coal-fired plants. By taking this kind of information to public hearings on energy developments, the wind energy industry can help establish new standards for evaluating conventional energy technology

Medicare home health utilization as a function of nursing home market factors.

OpenAIRE

Swan, J H; Benjamin, A E

1990-01-01

Rapid increases in the size and costs of the home health market, unknown impacts of Medicare's DRG hospital reimbursement on the posthospital market, and general lack of knowledge about factors that explain interstate variation in home health utilization all suggest the importance of developing and testing models of Medicare home health use. This article proposes and tests a model of state home health utilization as a function of the nursing home market. This model proposes that home health u...

Product Innovation Strategies on Emerging Markets: Bringing Theory and Practice Together

Directory of Open Access Journals (Sweden)

Alina Irina POPESCU

2013-12-01

Full Text Available Emerging economies present the largest growth in the world, and thus tremendous growth opportunities. Developing products for emerging markets proves to be a difficult task requiring a fundamental shift in thinking, and the present paper aims at investigating the product innovation strategies available on emerging markets, theoretically and practically through examples and a case-study of the Romanian tablet market. At the beginning, the theoretical framework is described through the most relevant contributions to the field of product innovation. Some conceptual clarifications are provided, in the context of a widespread usage of terms in various fields of science. The second part of the paper attempts to define the ‘emerging markets’ and to find distinctive their characteristics, attempt hampered by their great diversity and complexity. The third part provides empirical support for the product innovation strategies used by local tablet producers in Romania. Findings show local tablet producers used the frugal innovation strategy in the first years of operations. Afterwards, the increasingly competitive market and the gradual sophistication of consumers made a shift in strategy, to new product development and innovation strategy, in the context of keeping the low-cost positioning of the locally produced tablets.

Effect of business regulation on investment in emerging market economies

Directory of Open Access Journals (Sweden)

Birungi Korutaro

2013-01-01

Full Text Available This paper provides an empirical analysis of the business regulatory factors that influence investment in a selection of 29 emerging market economies. Both theoretical and empirical literature on the effect of the regulatory environment on investment is reviewed. A panel data analysis over the period 2003–2007 reveals that investment is influenced by secure property rights and the degree of business entry regulation. The results carry important policy implications for improving the investment climate of emerging market economies.

Differences Awareness Model to Fundament Long Term Strategy Extension in a New Emerging Market

Directory of Open Access Journals (Sweden)

Elena Mădălina ŞERBAN

2011-12-01

Full Text Available The globalization opened the opportunity for multinational companies to increase their businesses in emerging markets and also to local giants from developing countries to step in the western markets. The objective of this paper is to propose a model for analyzing the differences between operating businesses in emerging markets and developed markets. The model purpose is to be applied in the strategic process by mainly the multinationals or local giants intending to develop long term businesses outside their traditional geographies. The studies on emerging markets identified two main axes to be considered when appreciating the attractiveness of the markets: the business dynamics both inside and outside the company and the institutional environment, as facilitator of efficient encounter between sellers and buyers.

Coordinated emergency response in a competitive electricity market

Energy Technology Data Exchange (ETDEWEB)

Brindley, S. [Independent Electricity Market Operator, Toronto, ON (Canada)

2002-07-01

The Ontario Electricity Act and the Market Rules oblige electricity market participants to prepare and submit emergency plans to ensure the safe and reliable operation of the power system. Security and emergency preparedness includes emergency planning, drills and exercises, and critical infrastructure protection. The risk of power disruption is credible and the impact is large, as witnessed by the 1998 ice storm in eastern Ontario which resulted in major power outages, and as witnessed by the events of September 11, 2001. The emergency control actions that manage power system contingencies include recalling planned outages, reducing interchanges, increasing reserves, reducing voltage, purchasing emergency energy, and load shedding. Restoration priorities are to first restore power to critical transmission and generating station service loads, then to restore critical telecom facilities. This is followed by the restoration of customer loads only to the extent needed to control voltage and secure generating units. The final priority is to interconnect neighbours. The North American Electric Reliability Council (NERC) was established following the major 1965 blackout. NERC developed operational reliability standards and monitored compliance. A map depicting NERC regions and control areas in the US was presented. In Canada, the Canadian Electricity Association (CEA) addresses issues regarding critical infrastructure protection (CIP). It safeguards the essential components of the electricity infrastructure against physical and cyber threats through early warning systems and information sharing. 9 figs.

ANALYZING FAT-TAILED DISTRIBUTIONS IN EMERGING CAPITAL MARKETS

Directory of Open Access Journals (Sweden)

FELICIA RAMONA BIRĂU

2013-05-01

Full Text Available The aim of this article focuses on analyzing the implications of fat-tailed distributions in emerging capital markets. An essential aspect that was highlighted by most empirical research, especially in terms of emerging capital markets, emphasizes the fact that extreme financial events can not be accurately predicted by the normal distribution. Fat-tailed distributions establish a very effective econometric tool in the analysis of rare events which are characterized by extreme values that occur with a relatively high frequency .The importance of exploring this particular issue derives from the fact that it is fundamental for optimal portfolio selection, derivatives valuation, financial hedging and risk management strategies. The implications of fat-tailed distributions for investment process are significant especially in the turbulent context of the global financial crisis.

Voice user interface design for emerging multilingual markets

CSIR Research Space (South Africa)

Van Huyssteen, G

2012-10-01

Full Text Available Multilingual emerging markets hold many opportunities for the application of spoken language technologies, such as automatic speech recognition (ASR) or test-to-speech (TTS) technologies in interactive voice response (IVR) systems. However...

Large-scale utilization of wind power in China: Obstacles of conflict between market and planning

International Nuclear Information System (INIS)

Zhao Xiaoli; Wang Feng; Wang Mei

2012-01-01

The traditional strict planning system that regulates China's power market dominates power industry operations. However, a series of market-oriented reforms since 1997 call for more decentralized decision-making by individual market participants. Moreover, with the rapid growth of wind power in China, the strict planning system has become one of the significant factors that has curtailed the generation of wind power, which contradicts with the original purpose of using the government's strong control abilities to promote wind power development. In this paper, we first present the reasons why market mechanisms are important for large-scale utilization of wind power by using a case analysis of the Northeast Grid, and then we illustrate the impact of conflicts between strict planning and market mechanisms on large-scale wind power utilization. Last, we explore how to promote coordination between markets and planning to realize large-scale wind power utilization in China. We argue that important measures include implementing flexible power pricing mechanisms instead of the current fixed pricing approach, formulating a more reasonable mechanism for distributing benefits and costs, and designing an appropriate market structure for large-scale wind power utilization to promote market liquidity and to send clear market equilibrium signals. - Highlights: ► We present the reasons why market is important for utilization of wind power. ► We discuss the current situation of the conflict between planning and market. ► We study the impact of conflict between planning and market on wind power output. ► We argue how to promote coordination between market and planning.

Capitalizing on emergence: The 'new' civil security market in Europe

NARCIS (Netherlands)

Hoijtink, M.

2014-01-01

In recent years, the European Union has supported the development of a new civil security market, capable of providing security technology for new and global security challenges. This article analyses the emerging growth market for civil security in relation to contemporary notions of potential

Competing with giants. Survival strategies for local companies in emerging markets.

Science.gov (United States)

Dawar, N; Frost, T

1999-01-01

The arrival of a multinational corporation often looks like a death sentence to local companies in an emerging market. After all, how can they compete in the face of the vast financial and technological resources, the seasoned management, and the powerful brands of, say, a Compaq or a Johnson & Johnson? But local companies often have more options than they might think, say the authors. Those options vary, depending on the strength of globalization pressures in an industry and the nature of a company's competitive assets. In the worst case, when globalization pressures are strong and a company has no competitive assets that it can transfer to other countries, it needs to retreat to a locally oriented link within the value chain. But if globalization pressures are weak, the company may be able to defend its market share by leveraging the advantages it enjoys in its home market. Many companies in emerging markets have assets that can work well in other countries. Those that operate in industries where the pressures to globalize are weak may be able to extend their success to a limited number of other markets that are similar to their home base. And those operating in global markets may be able to contend head-on with multinational rivals. By better understanding the relationship between their company's assets and the industry they operate in, executives from emerging markets can gain a clearer picture of the options they really have when multinationals come to stay.

Understanding Emerging Market Sovereign Bond Yield Spread: Role of Default and Non-Default Determinants

Directory of Open Access Journals (Sweden)

Adelia Surya Pratiwi

2015-04-01

Full Text Available This paper is motivated by the fact that emerging market assets size has been expanding and trying to use sovereign debt market as part of capital market as main research focus. It is highlighting the distinction between default and non-default determinants and examining their significance in explaining emerging market sovereign bond yield spread. Using Cross-Sectional Fixed-Effect Panel Estimator, we found that both default (as proxied by Credit Rating and Outlook Index and non-default (as proxied by 3-month Fed Funds Futures determinants has significant explanatory power to sovereign bond yield spread. Extensively, we also found the significance to add volatility of 3-month Fed Funds Futures and Fed Target Rate basis and volatility of advanced stock markets as variables to stand for non-default determinants in the model. The significance of the latter model is strengthened by higher forecasting as well as indicates the significant role of US market to emerging market sovereign bond market.

Asymmetric impacts of global risk appetite on the risk premium for an emerging market

Science.gov (United States)

Kanlı, İbrahim Burak

2008-05-01

This paper analyzes the impact of global risk appetite on the risk premium utilizing high-frequency data. Taking the Turkish economy as our laboratory, we find that the risk premium volatility responds only to a worsening in the risk appetite for the Turkish economy, which is a result that we do not observe for the other emerging markets. Then, we investigate the role of current account dynamics on this asymmetric effect, by focusing also on an economy with similar current account performance. The empirical results find supporting evidence for the role of current account dynamics on the estimated asymmetry.

Influence of Diaspora and Civil Society Actors on the Internationalisation of MNEs in Emerging Market

DEFF Research Database (Denmark)

Rana, Mohammad Bakhtiar; Elo, Maria

2015-01-01

influence. The findings illustrate the central role of diaspora related innovation, motivation, knowledge, network and funding that supported this emerging market INV development. The study contributes to internationalization research, transnational diaspora entrepreneurship and civil society research......Multinational enterprises (MNE) are viewed as proactive global economic actors that enter new and emerging markets with an intentional strategy, building on their inherent resources and firm-specific advantages. However, there are numerous actors involved at market entry-level who may constitute...... thresholds for the entry. Emerging markets tend to possess complex institutional contexts and thus may incorporate idiographic entry challenges. Our study presents two under-examined types of stakeholders as distinct actors related to emerging market entry process: diaspora and civil society. We illustrate...

Empirical dynamics of emerging financial markets during the global mortgage crisis

Directory of Open Access Journals (Sweden)

Rahmi Erdem Aktuğ

2015-03-01

Full Text Available Focusing on five major emerging markets, I investigate the interactions between credit default swap premiums, foreign exchange rates, local currency government bond spreads, and national stock market returns over the period 4/2/2007 to 8/27/2009. Empirical analysis indicates that bond markets, along with foreign exchange markets, were very dominant in the price discovery process during a common distressed period.

Emergency Department Utilization and Self-Reported Symptoms in Community-Dwelling Older Adults

Science.gov (United States)

Sawyer, Patricia; Kennedy, Richard; Williams, Courtney; Brown, Cynthia J.

2016-01-01

Background The rise in emergency department (ED) utilization among older adults is a nursing concern, because emergency nurses are uniquely positioned to positively impact the care of older adults. Symptoms have been associated with ED utilization, however, it remains unclear if symptoms are the primary reason for ED utilization. Purpose Describe the self-reported symptoms of community-dwelling older adults prior to accessing the emergency department. Examine the differences in self-reported symptoms among those who utilized the emergency department, and those who did not. Procedures A prospective longitudinal design was used. The sample included 403 community-dwelling older adults 75 years and older. Baseline in-home interviews were conducted followed by monthly telephone interviews over 15 months. Main Findings Commonly reported symptoms at baseline included pain, feeling tired, and having shortness of breath. In univariate analysis, pain, shortness of breath, fair/poor well-being, and feeling tired were significantly correlated with ED utilization. In multivariable models, problems with balance, and fair/poor well-being were significantly associated with ED utilization. Conclusions Several symptoms were common among this cohort of older adults. However, there were no significant differences in the types of symptoms reported by older adults who utilized the emergency department compared to those who did not use the emergency department. Based on these findings, symptoms among community-dwelling older adults may not be the primary reason for ED utilization. PMID:28131350

Clinical trials in "emerging markets": regulatory considerations and other factors.

Science.gov (United States)

Singh, Romi; Wang, Ouhong

2013-11-01

Clinical studies are being placed in emerging markets as part of global drug development programs to access large pool of eligible patients and to benefit from a cost effective structure. However, over the last few years, the definition of "emerging markets" is being revisited, especially from a regulatory perspective. For purposes of this article, countries outside US, EU and the traditional "western countries" are discussed. Multiple factors are considered for placement of clinical studies such as adherence to Good Clinical Practice (GCP), medical infrastructure & standard of care, number of eligible patients, etc. This article also discusses other quantitative factors such as country's GDP, patent applications, healthcare expenditure, healthcare infrastructure, corruption, innovation, etc. These different factors and indexes are correlated to the number of clinical studies ongoing in the "emerging markets". R&D, healthcare expenditure, technology infrastructure, transparency, and level of innovation, show a significant correlation with the number of clinical trials being conducted in these countries. This is the first analysis of its kind to evaluate and correlate the various other factors to the number of clinical studies in a country. © 2013.

EDF, the market and Europe. The future of a public utility

International Nuclear Information System (INIS)

Fitoussi, J.P.

2003-01-01

European governments have decided, in the framework of the unique market, to open their national market to competition. Electricite de France (EdF), like the overall French public utilities, has to adapt to this new situation. The question is: how to perform this mutation and avoid ultra-liberalism? This is the main guideline of this book which aim is to define the modalities of the necessary implication of the government and the ones of a new kind of company governance in a sector where regulation errors can have dramatic consequences (like the power outage in the US). The objective of the author is not to propose a simple compromise between market and public utility logics, but to consider the double opening of markets and companies capital as new opportunities to improve both the public utility and the companies efficiency. Such a company 'of the third kind' (somewhere between governmental and private) can be built only if the new rules and reforms are made in a clever and profitable way, i.e. in compliance with sustainable development principles, in the respect of management transparency, and for the benefit of general people and in particular the end-users. (J.S.)

Efficient Market Hypothesis and Comovement Among Emerging Markets = Etkin Piyasa Hipotezi ve Gelişmekte Olan Piyasaların Birlikte Hareketi

Directory of Open Access Journals (Sweden)

Oktay TAŞ

2010-06-01

Full Text Available The main purpose of this study is to investigate stock market cointegration from the market efficiency perspective. Therefore, eleven emerging stock market indices are tested by using weekly data for the period of January 1998-December 2008 and for the sub period of January 2002-December 2008. Comovement among the emerging market countries was analyzed through Johansen cointegration test. The existence of two cointegrating vectors has been found at 5% significance level. However, the firm evidence against the market efficiency could not be established because of the low explanatory power of the results generated from the vector error correction model.

NOVEL APPLICATIONS FOR EMERGING MARKETS USING TELEVISION AS A UBIQUITOUS DEVICE

DEFF Research Database (Denmark)

Pal, Arpan

2013-01-01

– personal computer (including laptop and tablet), television and mobile (including smart phone). For emerging market countries like India, personal computers are not yet affordable to masses and most of the people are not savvy or skilled enough to operate a personal computer. Mobile phones, though being...... connected to the internet-world in a low-cost manner, it has the potential of becoming the ―Ubiquitous Computing Screen‖ for the home. The emerging markets are characterized by some unique issues like low bandwidth / low Quality-of-Service (QoS) of the available wireless networks, extreme cost...... solutions for seamlessly blending Internet with broadcasting content. To this end, in this thesis a novel application development framework is proposed first on top of a low-cost over-the-top box that uses television as a ubiquitous device with a focus on emerging markets. Then an end-to-end solution...

Emerging Pattern in Utilizing Electronic Information Sources by ...

African Journals Online (AJOL)

This is a detailed comparative analysis of electronic information sources (EIS) utilized by pharmacy lecturers in South-South universities in Nigeria. The purpose of this study is to analyze the extent to which EIS are utilized among pharmacy lecturers in South-South Nigeria. The aim is to explore the emerging pattern of ...

Utility allowed returns and market extremes

International Nuclear Information System (INIS)

Murry, D.A.; Nan, G.D.; Harrington, B.M.

1993-01-01

In recent years interest rates have fluctuated from exceptionally high levels in the early 1980s to their current levels, the lowest in two decades. Observers and analysts generally have assumed that allowed returns by regulatory commissions follow the movement of interest rates; indeed some analysts use a risk premium method to estimate the cost of common equity, assuming a constant and linear relationship between interest rates and the cost of common equity. That suggests we could expect a relatively stable relationship between interest rates and allowed returns, as well. However, a simple comparison of allowed returns and interest rates shows that this is not the case in recent years. The relationship between market interest rates and the returns allowed by commissions varies and is obviously a great deal more complicated. Empirically, there appears to be only a narrow range where market interest rates significantly affect the allowed returns on common stock set by state commissions, at least for electric and combination utilities. If rates are at historically low levels, allowed returns based largely on market rates will hasten subsequent rate filings, and commissions appear to look beyond the low rate levels. Conversely, it appears that regulators do not let historically high market rates determine allowed returns either. At either high or low interest levels, caution seems to be the policy

An Analysis of Closed-end Fund Puzzle for Emerging Capital Markets

Directory of Open Access Journals (Sweden)

Victor Dragota

2008-10-01

Full Text Available This paper analyzes the closed-end fund puzzle for an emerging capital market, respectively the Romanian one. Comparatively to more developed markets, as long as small markets are often very illiquid, it has to be used some specific valuation techniques in order to estimate the market values for closed-end funds. Also, one problem is this estimation can be made only in some (punctual moments.

Time-varying market integration and expected returns in emerging mrkets

NARCIS (Netherlands)

de Jong, F.C.J.M.; de Roon, F.

2001-01-01

We use a simple model in which the expected returns in emerging markets depend on their systematicrisk as measured by their beta relative to the world portfolio as well as on the level ofintegration in that market. The level of integration is a time-varying variable that depends on themarket value

Growth strategies of electric utilities in context of deregulation and liberalization of electricity market

Directory of Open Access Journals (Sweden)

Maria Đogić

2017-01-01

Full Text Available This paper identifies the growth strategies adopted by the electric utilities sector in the context of changes resulting from the deregulation and liberalization of the electricity market. Strategies pursued by the electric utilities sector were rarely the subject of research in the field of strategic management despite the fact that electricity is an indispensable element of everyday life and the economy as a whole. Therefore, a case study of the largest incumbent electric utilities in the Republic of Croatia, Slovenia, Bosnia and Herzegovina, Serbia, Montenegro, and Macedonia has been conducted, and differences in the degree of market liberalization and core features of these companies have been noted. Research findings have shown that the degree of deregulation can affect the growth strategies of electric utilities. In those countries where the degree of deregulation is lower, electric utilities focus on the domestic market. On the other hand, a higher level of deregulation enables electric utilities to achieve their growth through diversification or innovation. Given the fact that the analyzed electric utilities are operating within relatively small economies, they cannot compete with electric utilities in developed countries, and, apart from international electricity trading, are mostly focused on their domestic markets.

Stock returns predictability and the adaptive market hypothesis in emerging markets: evidence from India.

Science.gov (United States)

Hiremath, Gourishankar S; Kumari, Jyoti

2014-01-01

This study addresses the question of whether the adaptive market hypothesis provides a better description of the behaviour of emerging stock market like India. We employed linear and nonlinear methods to evaluate the hypothesis empirically. The linear tests show a cyclical pattern in linear dependence suggesting that the Indian stock market switched between periods of efficiency and inefficiency. In contrast, the results from nonlinear tests reveal a strong evidence of nonlinearity in returns throughout the sample period with a sign of tapering magnitude of nonlinear dependence in the recent period. The findings suggest that Indian stock market is moving towards efficiency. The results provide additional insights on association between financial crises, foreign portfolio investments and inefficiency. G14; G12; C12.

The Impacts of State Ownership on Information Asymmetry: Evidence from an Emerging Market

Directory of Open Access Journals (Sweden)

Jongmoo Jay Choi

2010-06-01

Full Text Available This study examines the effect of corporate ownership on information asymmetry as measured by bid-ask spread in the emerging markets of China. Government ownership has significant and positive impacts on bid-ask spread during the period 1995–2000, but disappears afterward during 2001–2003. The finding that state ownership raised bid-ask spread in the early period is consistent with recent studies on emerging markets including China, which indicate that firms with higher state ownership tend to have a greater deviation between cash flow rights and control rights (eg, Wei et al., 2005. This implies that lower state ownership is associated with lower information asymmetry in the market, an economic consequence of significant economic reform and privatization regarding the market microstructure. However, with more active control transfers and emergence of private controlling shareholders, regulatory changes in ownership structure and corporate governance mechanisms, and thus an improved legal and institutional environment, the link between the government ownership and information asymmetry turns to be insignificant in the later period. These results have important implications for transparency and information disclosure policies as well as privatization in emerging markets.

Performance of passive long term investments : A longitudinal study over the relative performance of emerging- and developed markets

OpenAIRE

Babar, Haseeb Zaman; Norberg, Johan

2013-01-01

The concept of emerging markets came to surface in early 1980 and constituted of only eight countries from the two continents of South America and Asia. The globalization of financial markets has since raised the importance of emerging capital markets. We take a quantitative approach to investigate the performance of emerging markets compared to developed markets. The aim of the study is to conclude if emerging markets offers investment value and if logic in portfolio theory can be used to im...

Regulatory environment and its impact on the market value of investor-owned electric utilities

Science.gov (United States)

Vishwanathan, Raman

While other regulated industries have one by one been exposed to competitive reform, electric power, for over eighty years, has remained a great monopoly. For all those years, the vertically integrated suppliers of electricity in the United States have been assigned exclusive territorial (consumer) franchises and have been closely regulated. This environment is in the process change because the electric power industry is currently undergoing some dramatic adjustments. Since 1992, a number of states have initiated regulatory reform and are moving to allow retail customers to choose their energy supplier. There has also been a considerable federal government role in encouraging competition in the generation and transmission of electricity. The objective of this research is to investigate the reaction of investors to the prevailing regulatory environment in the electric utility industry by analyzing the market-to-book value for investor-owned electric utilities in the United States as a gauge of investor concern or support for change. In this study, the variable of interest is the market valuation of utilities, as it captures investor confidence to changes in the regulatory environment. Initially a classic regression model is analyzed on the full sample (of the 96 investor-owned utilities for the years 1992 through 1996), providing a total number of 480 (96 firms over 5 years) observations. Later fixed- and random-effects models are analyzed for the same full-sample model specified in the previous analysis. Also, the analysis is carried forward to examine the impact of the size of the utility and its degree of reliability on nuclear power generation on market values. In the period of this study, 1992--1996, the financial security markets downgraded utilities that were still operating in a regulated environment or had a substantial percentage of their power generation from nuclear power plants. It was also found that the financial market was sensitive to the size of

Awareness and utilization of emergency contraception among ...

African Journals Online (AJOL)

students were aware of emergency contraception, and 211 (71.5%) had utilized them. Among those who had .... Maiduguri has been a centre of learning and commercial activity since the .... magazines, television and movies.[31] In particular ...

Do Credit Rating Agencies Add to the Dynamics of Emerging Market Crises?

NARCIS (Netherlands)

Kraussl, R.G.W.

2005-01-01

This study investigates the role of credit rating agencies in international financial markets. With an index of speculative market pressure it is analyzed whether sovereign ratings changes have an impact on the financial stability in emerging market economies. The event study analysis indicates that

CHARACTERISTICS OF THE EMERGING MARKET ECONOMIES - BRICS, FROM THE PERSPECTIVE OF STOCK EXCHANGE MARKETS

Directory of Open Access Journals (Sweden)

Sechel Ioana-Cristina

2014-07-01

Full Text Available Many international investors have realized that they cannot obtain profits as large, investing in mature markets as well as investing in emerging and developing countries. They want to obtain higher yields, of course assuming the extra risk, as the risk of liquidity or volatility of exchange rates, which are significantly higher than in developed markets. Studies on the BRICS economies are countless, researchers pointing that the development of these economies and their transition towards developed economies category is virtually inevitable (Nistor, 2011. In this article we propose a smooth approach on the state of the economies of the BRICS emerging countries and the stock exchanges markets. It is interesting to observe how, according to a forecast of the International Monetary Fund, in the year 2025 world supremacy from the economic point of view will belong still to the United States, but the discrepancies between the United States economy and China's economy subside until then. The same source, however, predict that by the year 2050, China's economy will bring forward the United States of America. However, should not be lost of sight the fact that China is part of the BRICS countries, with enormous development potential. As proof of those exposed earlier, sits the performance obtained from China's economy especially in times of crisis, when the vast majority of the world's economies recorded negative economic growth. Somewhat improperly said so, we were witnessing a world economic depression. The performance of China's economy is so, noteworthy, it received even in the toughest years of global financial and economic crisis, a positive value of economic growth. This also happened, within other BRICS emerging countries economies, having many similar economic meanings. With such a potential for economic growth, the economies of BRICS countries have brought into the spot light the operational stock exchanges. The interest of investors for

ALWR utility requirements - A technical basis for updated emergency planning

International Nuclear Information System (INIS)

Leaver, David E.W.; DeVine, John C. Jr.; Santucci, Joseph

2004-01-01

U.S. utilities, with substantial support from international utilities, are developing a comprehensive set of design requirements in the form of a Utility Requirements Document (URD) as part of an industry wide effort to establish a technical foundation for the next generation of light water reactors. A key aspect of the URD is a set of severe accident-related design requirements which have been developed to provide a technical basis for updated emergency planning for the ALWR. The technical basis includes design criteria for containment performance and offsite dose during severe accident conditions. An ALWR emergency planning concept is being developed which reflects this severe accident capability. The main conclusion from this work is that the likelihood and consequences of a severe accident for an ALWR are fundamentally different from that assumed in the technical basis for existing emergency planning requirements, at least in the U.S. The current technical understanding of severe accident risk is greatly improved compared to that available when the existing U.S. emergency planning requirements were established nearly 15 years ago, and the emerging ALWR designs have superior core damage prevention and severe accident mitigation capability. Thus, it is reasonable and prudent to reflect this design capability in the emergency planning requirements for the ALWR. (author)

Utilizing Content Marketing in Small and Medium-Sized Organizations

OpenAIRE

Parviainen, Ville

2014-01-01

The major objective of this study is to find out how and to what extent online content is currently utilized for marketing purposes among small and medium-sized organizations in Finland. Additionally, positive and negative future prospects concerning this type of content marketing were explored. The study is mainly qualitative by nature. The empirical part of this thesis was carried out between July 2013 and March 2014 and it consists of five semi-structured interviews with five professio...

The effects of foreign banks entry in emerging market economies

Directory of Open Access Journals (Sweden)

MSc. Florida Veljanoska

2011-12-01

Full Text Available This paper investigates the effects of foreign bank entry in emerging markets. We developed a picture of a multinational bank in an emerging markets by combining statistics from several sources, in order to explore broad range of effects that brings foreign bank entry in the developing countries. Some impacts of foreign bank entry have been thoroughly studied, while others are hardly mention. Entry of foreign bank brings large benefits to host country’s financial system and economies at large. This paper is studying those benefits very carefully, by analyzing the impact of foreign bank entry on economy, government, monetary policy, large enterprises, small and medium size enterprises, domestic bank etc. But, we also consider the fact that at the same time, foreign investment in the financial sector, rises some concerns, and therefore we analyze the negative effects as well. At the end we must admit that although there are some negative consequences from foreign bank entry in emerging markets, the benefits that arise from foreign banks penetration are much more, and this trend of foreign bank entry has brought new positive economic impulse in developing world.

Essays on an Emerging Financial Market : A case study of Suriname

NARCIS (Netherlands)

D.S. Bodeutsch (Denice)

2015-01-01

markdownabstractAbstract Stock markets in emerging economies are often viewed as a source of financial development and ultimately economic growth. Well-operating or efficient stock markets may contribute to the development of a country’s financial sector through increase in savings, efficient

Sulfonylurea monotherapy and emergency room utilization among elderly patients with type 2 diabetes.

Science.gov (United States)

Rajpathak, Swapnil N; Fu, Chunmay; Brodovicz, Kimberley; Engel, Samuel S; Heaton, Pamela C

2015-09-01

In elderly Americans with type 2 diabetes, use of insulin and oral antidiabetic drugs (OADs) accounts for almost one-fourth of drug adverse event-related hospitalizations. It is not clear, however, if sulfonylureas (SUs), frequently prescribed OADs known to cause hypoglycemia, increase the risk of emergency room (ER) visits compared to other OADs. The aim of this study was to compare the emergency room utilization between US elderly patients with diabetes on SU monotherapy vs. other non-SU monotherapies. This retrospective cohort study was conducted using MarketScan(®) database (2009-10) and aimed to evaluate the association between use of SU and ER visits. The analysis included 28,533 patients (aged ≥65 years) receiving SU monotherapy at baseline and 1:1 propensity score (PS)-matched group receiving monotherapy with other OADs. ER utilization was determined during a 1-year follow-up period. The SU and non-SU groups were overall well balanced after PS matching. The mean (SD) number of ER visits during the follow-up was 0.56 among users of SU users compared to 0.49 (Pmetformin users. Elderly patients with type 2 diabetes on SU monotherapy were more likely to use ER than those on other monotherapies. Further studies are needed to confirm our findings and evaluate other factors associated with ER visits. Copyright © 2015 Elsevier Ireland Ltd. All rights reserved.

Effect of price and in-store promotion on sales: a study of distinct regions in an emerging market

OpenAIRE

Sanchez, Juan Machado

2016-01-01

Increasing competition caused by globalization, high growth of some emerging markets and stagnation of developed economies motivate Consumer Packaged Goods (CPGs) manufacturers to drive their attention to emerging markets. These companies are expected to adapt their marketing activities to the particularities of these markets in order to succeed. In a country classified as emerging market, regions are not alike and some contrasts can be identified. In addition, divergences of marketing variab...

Executing A Customer Relationship Management Programme In An Emerging Market: An Empirical Approach

Directory of Open Access Journals (Sweden)

Akinyele Samuel

2013-05-01

Full Text Available Retail financial services in all markets, including emerging markets, are undergoing major transaction, driven by change, deregulation and customer sophistication. Customer service and specifically relationship management in particular, are crucial to attaining a sustainable competitive advantage in the marketplace. The execution of a one- to- one programme within an emerging economy is the focus of this paper, specifically in the financial services environment. The steps in the execution of customer relationship management (CRM as proposed by Peppers, Rogers and Dorf (1999b are examined and the effect on customer service in an emerging market is investigated. The findings indicates that there are positive associations with these steps and customer service.

Capitalizing on Emergence: The ‘New’ Civil Security Market in Europe

NARCIS (Netherlands)

Hoijtink, M.

2014-01-01

In recent years, the European Union has supported the development of a new civil security market, capable of providing security technology for new and global security challenges. This article analyses the emerging growth market for civil security in relation to contemporary notions of potential

First emergency contraceptive product hits U.S. market shelves.

Science.gov (United States)

1998-11-01

The Preven Emergency Contraceptive Kit, a product approved by the US Food and Drug Administration (USFDA) for emergency contraception, is now on the market for sale. Produced by Gynetics of Somerville, NJ, the kit consists of an easy-to-use pregnancy test, patient information guide, and 4 blue pills, each containing 0.05 mg ethinyl estradiol and 0.25 mg levonorgestrel. After a woman determines that she is not pregnant by using the kit's test, she takes 2 pills as soon as possible within 72 hours after having unprotected sexual intercourse. The remaining 2 pills are taken 12 hours later. Although Preven is available now only by prescription, Gynetics will cooperate with the USFDA in assessing whether it should be sold over the counter. One course of Preven costs about $20 at a pharmacy, less than any oral contraceptive pills currently used as emergency contraceptives. The Preven Kit carries Health Care Financing Administration approval for Medicaid reimbursement, and most health maintenance organizations have agreed to cover its costs. Two more progestin-only emergency contraceptive products may enter the US market in 1999. Gynetics is in the advanced stages of developing a levonorgestrel-only emergency contraceptive, while Women's Capital Corp. of Seattle, WA, and Washington, DC, plans to submit its application for product approval to the USFDA for a similar progestin-only product by the end of October.

An economic evaluation of forest improvement opportunities and impacts from the emergence of a biomass fuel market in southwestern Nova Scotia

International Nuclear Information System (INIS)

Manley, A.L.; Savage, G.D.

1993-01-01

In 1991, Nova Scotia's public power utility initiated a process to purchase privately produced electrical power. A proposal was received to produce 20--25 megawatts from the burning of 350 to 400,000 tonnes annually of wood residue and forest biomass in a co-generation facility in southwestern Nova Scotia, Canada. This proposal has been proceeding and is nearing the construction phase. As a result of this potential market, there is an opportunity for increasing the scope and extent of forest improvement operations. Options for a closer integration of planning, harvesting, and silviculture activities will emerge. Optimum end use allocation could occur and enhance overall economic efficiency. The objective of this project is to assess the effect that this emerging market for forest biomass could have on forest management in the supply area. This project has two phases. Phase 1, presented here, develops the framework and methodology. Phase 2 will apply a linear programming-based analytical model for evaluation. Phase 1 accumulated the required data and information for both the current management and marketing situation and that including the emerging biomass market. Growth and yield of the natural stand types were calculated for a mixture of conventional roundwood products and chip equivalents. Management regimes, based on current forest type, site class, and appropriate silviculture treatments, were established. Expected multiproduct yields, by regime were estimated. Silviculture and harvest costs along with product revenues were used to calculate standing timber and soil expectation values. In Phase 2, a stand-based optimization model will be developed to explore and evaluate the long term opportunities and differences between the present and emerging management and market situations

Bond markets and banking crises in emerging market economies: The role of institutions

Directory of Open Access Journals (Sweden)

Boukhatem Jamel

2012-01-01

Full Text Available This paper deals with the question of knowing if countries whose activity of financing is mainly bank based face crises more expensive than those where the bond markets are broader and more developed. The results of the empirical tests on a panel of emerging countries suggest that bank based financial systems are associated with crises slightly more expensive, whereas the relationship between the bond markets and the crises’ costs is fragile. Moreover, financial systems where bond markets play an important role are associated with a higher growth of the production, and this, independently of the presence or not of crises. The consideration of the combined effect of financial liberalization and institutional framework on the bond markets development shows the importance of the direction of the financial liberalization. We join in this case one of the most significant aspects of the “sequencing” theorized by McKinnon (1973. Finally, an effective prudential regulation tends to reduce significantly the probability of occurrence of banking crises.

Functions of Conflict: Perceived Utility in the Emergent Professions.

Science.gov (United States)

Henkin, Alan B.; And Others

1991-01-01

Describes perceptions of conflict as a utility (functional conflict) among 1,953 department executives in programs of social work, education, and nursing (the emergent professions); and analyzes perceptual data in terms of organizational conflict climate and demographics. Variations in terms of perceived operational utility of organizational…

Implications for Utilizing YouTube based Community Interactions for Destination Marketing

OpenAIRE

Sambhanthan, Arunasalam; Thelijjagoda, Samantha; Tan, Joseph

2013-01-01

In recent time, YouTube has evolved into a powerful medium for social interaction. Utilizing YouTube for enhancing marketing endeavors is a strategy practiced by marketing professionals across several industries. This paper rationalizes on the different ways and means of leveraging YouTube-based platforms for effective destination marketing by the hospitality industry (hotels). More specifically, the typology of virtual communities is adapted to evaluate the YouTube platform for effective des...

Integration of Manufacturing and Development in Emerging Markets

DEFF Research Database (Denmark)

Søberg, Peder Veng; Wæhrens, Brian Vejrum

2014-01-01

The chapter investigates the problems related to the functional integration between manufacturing activities and research and development (R&D) activities in emerging markets within multinational companies. A framework to this end is developed and illustrated through four case studies from...... as an integral part of corporate relocation decisions....

Considerations for Emerging Markets for Energy Savings Certificates

Energy Technology Data Exchange (ETDEWEB)

Friedman, B.; Bird, L.; Barbose, G.

2008-10-01

Early experiences with energy savings certificates (ESCs) have revealed both their merit and the challenges associated with them. In the United States, there has been little activity to date, so any lessons must be drawn from experiences in Italy, the United Kingdom (UK), France, and elsewhere. The staying power of European examples, particularly in Italy, demonstrates that ESCs can help initiate more efficiency projects. Although a robust market for renewable energy certificates (RECs) has emerged in both the voluntary and policy compliance contexts in the United States, ESCs have yet to gain significant traction. This report looks at the opportunity presented by ESCs, the unique challenges they bring, a comparison with RECs that can inform expectations about ESC market development, and the solutions and best practices early ESC market experience have demonstrated. It also examines whether there are real market barriers that have kept ESCs from being adopted and what structural features are necessary to develop effective trading programs.

A Simple Model to Teach Business Cycle Macroeconomics for Emerging Market and Developing Economies

Science.gov (United States)

Duncan, Roberto

2015-01-01

The canonical neoclassical model is insufficient to understand business cycle fluctuations in emerging market and developing economies. The author reformulates the model proposed by Aguiar and Gopinath (2007) in a simple setting that can be used to teach business cycle macroeconomics for emerging market and developing economies at the…

PRAGMATICS OF USING A MODIFIED CAPM MODEL FOR ESTIMATING COST OF EQUITY ON EMERGING MARKETS

Directory of Open Access Journals (Sweden)

Vitaliy Semenyuk

2016-11-01

Full Text Available The aim of the work is to forming pragmatic recommendations for the development and implementation the modified CAPM model in the process of estimating the equity value on emerging markets. Original CAPM model allows estimating the cost of equity on the developed capital markets. At the same time it requires the information received on the market data basis. But, as show recent empirical research, the classical model does not always produce acceptable results of the equity estimation. In addition, CAPM model in its classical form can’t be used to estimate the cost of equity for countries with emerging markets. This is due with lower efficiency in emerging markets, with lower level of liquidity and capitalization, which makes the information obtained from these markets not entirely reliable. Therefore in practice are increasingly using different modification CAPM models, that allow consider for more specific factors which affect the cost of equity. These factors, which are not considered in the classical CAPM model, include the size of the corporation and country risk. The first factor is actual for developed and emerging markets and needed to account during the equity estimation and modification the CAPM model. Country risk is associated with differences and peculiarities of the economies different countries and in the first place should be taken into account when estimating the cost of equity in emerging capital markets, which are considered by investors as more risky for investment. This factor should also be taken into account in estimating the cost of equity. Methodology In the process of constructing a modified CAPM model, theoretical and methodological provisions were used, which are set out in the work R. Banz, G. Bekaert, M. Goedhart, R. Grabowski, R. Grinold, D. Vessels, A. Damodaran, M. Dempsey, J. Zhang, R. Ibbotson, P. Kaplan, T. Koller, K. Kroner, L. Kruschwitz, M. Long, A. Lofler, G. Mandl, M. Miller, F. Modilyani, K. Nunes, D

Sovereign Risk and Natural Disasters in Emerging Markets

NARCIS (Netherlands)

Klomp, Jeroen

2015-01-01

In this article, we explore the effect of large-scale natural disasters on sovereign default risk. We use a heterogeneous dynamic panel model including a set of more than 380 large-scale natural disasters for about forty emerging market countries in the period 1999-2010. After testing for the

Volatility forecasting and value-at-risk estimation in emerging markets: the case of the stock market index portfolio in South Africa

Directory of Open Access Journals (Sweden)

Lumengo Bonga-Bonga

2011-04-01

Full Text Available Accurate modelling of volatility is important as it relates to the forecasting of Value-at-Risk (VaR. The RiskMetrics model to forecast volatility is the benchmark in the financial sector. In an important regulatory innovation, the Basel Committee has proposed the use of an internal method for modelling VaR instead of the strict use of the benchmark model. The aim of this paper is to evaluate the performance of RiskMetrics in comparison to other models of volatility forecasting, such as some family classes of the Generalised Auto Regressive Conditional Heteroscedasticity models, in forecasting the VaR in emerging markets. This paper makes use of the stock market index portfolio, the All-Share Index, as a case study to evaluate the market risk in emerging markets. The paper underlines the importance of asymmetric behaviour for VaR forecasting in emerging markets’ economies.

THE STABILITY OF INTERNATIONAL FINANCIAL MARKETS VERSUS EMERGING ECONOMIES VULNERABILITY

Directory of Open Access Journals (Sweden)

Luiza Loredana Nastase

2016-12-01

Full Text Available If during the global economic and monetary-financial felt in the last seven-eight years was observed that the most affected countries were those with a developed economy currently it seems that the wheel turns and target countries with an emerging economy. Thus, the financial markets of advanced countries seem to be characterized by stability in opposition to those of emerging markets, which seem to become increasingly vulnerable. This paper tries to capture the current economic situation of the two categories of states, from the major aspects that determined the evolution of socio-political and macroeconomic indicators, presenting the statistical data and trying to predict future period. A special importance should be given to international markets. Given that the extension of global economic integration and cooperation on the international market participants are relative conditioning is required for a consensual approach and multilateral thereof, for reducing and avoiding imbalances in the international trading system. We will take into account the need to involve politics in parallel with the adoption of measures specific to each category of state. All these issues will be addressed further

EFFECTIVENESS OF CAPITAL MARKET DERIVATIVES IN HOUSING DELIVERY OF NIGERIA EMERGING MARKET

Directory of Open Access Journals (Sweden)

Bernard Adjekophori

2016-07-01

Full Text Available The capital market is unarguably the most robust institution in any economy notable for mobilizing the necessary fund for financing long-term productive project. It controls relatively large amounts of capital and represent the largest institutional providing long-term credits for capital project like real estate that requires huge capital outlay. This study therefore, attempts an investigation into the effectiveness of capital market derivatives in housing delivery in Lagos. An empirical survey research was conducted in Lagos, using a random sampling technique with a structured questionnaire to collect data from 147 respondents comprising 89 stockbrokers and 58 real estate developers in Lagos mega-city. Data collected were analyzed with SPSS using descriptive and inferential statistics. The result revealed that 56.7% of the observed variations in housing delivery (R2= 0.567; p< 0.05 is explained by capital market derivatives, which suggests that, proper utilization of capital market derivatives will enhance and improve housing delivery in Nigeria. However, this is not been adequately used by developers of real estate projects in the study. Thus, the study recommends amongst other remedial steps that a synergetic effort should be created between the capital market and real estate developers which will enhance effective housing delivery, the development of people and the Nation.

Cyber-pharmacies and emerging concerns on marketing drugs online

Directory of Open Access Journals (Sweden)

Vinod Scaria

2003-08-01

Full Text Available The booming e-commerce and a regulation-less environment online have led to the rise of a new generation of websites that market drugs and other products over the Internet. Some of these drugs are often herbal products or of dubious quality, often marketed with a mix of professional design and unverified/fraudulent claims. Several concerns have arisen from different corners and evidence of malpractice has emerged. But there is a lack of sufficient evidence confirming the concerns.

The Emerging Markets of Africa: Business Opportunities for Central and Eastern Europe

Directory of Open Access Journals (Sweden)

Gina Cook

2013-12-01

Full Text Available This paper discusses the increasing importance of emerging markets, particularly those in Africa, in terms of international business opportunities in the post-financial crisis period; while BRIC economies have received a lot of attention in the preceding decade, other emerging markets – especially in Africa – show indications of taking on more prominence in the upcoming period. In fact, at present, the continent of Africa represents one of the fastest growing markets in the world. This paper focuses on growth indicators and trends in the African markets as well as potential future international business opportunities; specifically, it examines the competitiveness of African nations, the business environments of countries in Africa, the continent’s international trade situation and urbanization in Africa. The paper concludes with a brief discussion on existing business opportunities together with some challenges which remain on the continent.

The Sign Effect in Emerging Markets: the Inherent Instability of Bad News

Science.gov (United States)

Tenenbaum, Joel; Podobnik, Boris; Horvatic, Davor; Bajic, Slavica; Pehlivanovic, Beco; Stanley, H. Eugene

2011-03-01

In developed economy market indices, the sign of a term in a series influences the volatility in an asymmetric fashion --- bad news results in larger subsequent fluctuations while good news results in smaller fluctuations. We study this phenomenon of volatility asymmetry using a stochastic process, exploring whether this asymmetry manifests in emerging markets, and if so, how such asymmetry changes over time as economies develop, mature, and react to crises such as the present one. We find that while both developed and emerging markets show distinctive behavior with respect to volatility asymmetry during times of economic tumult, they do so in ways that could be viewed either as universal or qualitatively different, posing interesting questions for further research.

Utility assessment: the market for the high temperature gas-cooled reactor and the incentives for its utilization

International Nuclear Information System (INIS)

1980-09-01

The approach taken in this assessment is one in which the HTGR is evaluated from the perspective of its eventual users and operators - the utility industry. Section 2 of this report presents projections of future electrical and process heat energy demands in order to attempt to quantify the potential market for the HTGR. Section 3 provides an analysis of the effects of the HTGR on specific utility systems as well as extrapolated results on a national basis. Section 4 presents assessments of the various recognized incentives for HTGR commercialization. Sections 5, 6, and 7 present technical descriptions, and economic and market assessments of each of the three reference HTGR systems, namely the HTGR Steam Cycle, Gas Turbine, and Reformer

Foreign news and spillovers in emerging European stock markets

Czech Academy of Sciences Publication Activity Database

Hanousek, J.; Kočenda, Evžen

2011-01-01

Roč. 19, č. 1 (2011), s. 170-188 ISSN 0965-7576 Institutional research plan: CEZ:AV0Z70850503 Keywords : emerging European stock market s * foreign news * intraday data Subject RIV: AH - Economics Impact factor: 0.631, year: 2011

Emergency Vehicle Scheduling Problem with Time Utility in Disasters

Directory of Open Access Journals (Sweden)

Xiaobing Gan

2015-01-01

Full Text Available This paper presents a flexible emergency rescue system which is chiefly composed of three parts, namely, disaster assistance center, relief vehicles, and disaster areas. A novel objective of utility maximization is used to evaluate the entire system in disasters. Considering the uncertain road conditions in the relief distribution, we implement triangular fuzzy number to calculate the vehicle velocity. As a consequence, a fuzzy mathematical model is built to maximize the utility of emergency rescue system and then converted to the crisp counterpart. Finally, the results of numerical experiments obtained by particle swarm optimization (PSO prove the validity of this proposed mathematical model.

Liquidity and credit risk in the emerging financial markets

OpenAIRE

Amir Saadaoui, Younes Boujelbene

2014-01-01

In this paper, we examine the relationship between liquidity, liquidity risk and credit risk in emerging sovereign bonds after the subprime crisis period. In our study, we concentrate in the effect of liquidity and credit risk in the problem of liquidity and in the emerging bond market. The presence of control variables, asymmetric information, amount outstanding, coupon, age and interest rate, assist to more explain this relationship. To explain the role of liquidity and credit risk in the p...

The Growth Challenge of Western SMES in Emerging Markets: An Exploratory Framework and Policy Implications

Directory of Open Access Journals (Sweden)

Mitja Ruzzier

2017-09-01

Full Text Available In this paper, we explore the main inhibiting factors associated with the process of entry and escalation of SMES in international markets, with a focus on Emerging Markets. We identify and propose seven main categories of Institutional Voids and three main types of resources that may critically determine SMES’ performances on EMS, namely, internationalization knowledge, social capital resources and marketing capabilities. Institutional Voids and resources are brought together within a conceptual framework suggesting that resource-scarce SMES will hold back in their attempts to commit further to Emerging Markets and will be further dissuaded the higher the Institutional Voids in the market. The paper contributes to the policy literature on SME internationalization by focusing on two areas of public policy action that could have a clear and manifest impact on SMES conduct in Emerging Markets, the first related to the resources available to and exploitable by SMES and the latter associated with Institutional Voids.

The Success Of Stock Selection Strategies In Emerging Markets: Is It Risk Or Behavioral Bias?

NARCIS (Netherlands)

J. van der Hart; G.J. de Zwart (Gerben); D.J.C. van Dijk (Dick)

2005-01-01

textabstractWe examine competing explanations, based on risk and behavioral models, for the profitability of stock selection strategies in emerging markets. We document that both emerging market risk and global risk factors cannot account for the significant excess returns of selection strategies

THE SUCCESS OF EMERGING CAPITAL MARKETS IN DETERMINING ECONOMIC GROWTH

Directory of Open Access Journals (Sweden)

Ion POHOAŢĂ

2014-06-01

Full Text Available Capital markets are regarded as “the barometer” of economic activity at the national level, but among emerging markets, the position of this segment in the economy is far from ideal. The answers that we try to offer are concerning the contribution of capital markets to the economic welfare of nations in transition from Central and Eastern Europe, using Granger causality tests. Our findings highlight that in this geographical area, the relation between capital markets and economic growth is a bidirectional one. However, although both the establishment of stock exchanges and their liberalization represented governments’ strategy of economic development, their objective was not fully achieved. Institutional transformations are required in order to attract foreign investors.

The Co-evolution of Business Incubators and National Incubator Networks in Emerging Markets

Directory of Open Access Journals (Sweden)

David F. Robinson

2010-11-01

Full Text Available The study proposes a three stage model of the development of business incubation practices in emerging markets. The model addresses the diffusion of incubation practices to new markets, the institutionalization of those practices and the co-evolution of incubators and national networks of incubation. The model is based on interviews conducted in Bolivia, Peru, Chile, Argentina, and Brazil. New incubators in emerging markets often face strong cultural norms and institutional impediments to helping entrepreneurs start new businesses. As incubation becomes better established in a country, incubators provide more advanced technical, legal and market-based advice. Networks of incubators form to share specialized services across many incubators, to allocate government funding to incubators, and to lobby for public and private support of innovation.

The emergence of the marketing mix in the banking sector

Directory of Open Access Journals (Sweden)

Melnic Elena- Lidia

2018-01-01

Full Text Available This article explains the emergence of the marketing mix in the banking sector and the specificity of this field. Research has shown that the evolution of the marketing mix in banking is closely related to the evolution of the marketing mix for services. The modern approach of the marketing mix for services comes from Booms and Bitner, from 1981. They filled the traditional 4Ps of the marketing mix (coming from products: price, product, placement (distribution and promotion with specific intangible services components: personnel, presence (physical evidence and process. For the banking sector, the development of those three components nowadays represents the main challenge because they represent the most important way to differentiate from the competition and to deliver superior services to the customers who are more sophisticated and demanding

What does a G-3 target zone mean for emerging-market economies?

OpenAIRE

Reinhart, Carmen; Reinhart, Vincent

2000-01-01

This paper examines the argument for a G-3 exchange rate target zone strictly from an emerging market perspective. A commitment to damping G-3 exchange rate fluctuations, however, requires a willingness on the part of G-3 authorities to use domestic monetary policy to that end. Under a system of target zones, then, relative prices for emerging market economies may become more stable, but debt-servicing costs may become less predictable. We use a simple trade model to show that the resulting c...

Privatization, political risk and stock market development in emerging economies

OpenAIRE

Perotti, E.C.; van Oijen, P.H.

1999-01-01

This paper investigates whether privatization in emerging economies has a significant indirect effect on local stock market development through the resolution of political risk. We argue that a sustained privatization program represents a major political test that gradually resolves uncertainty over political commitment to a market-oriented policy as well as to regulatory and private property rights. We present evidence suggesting that progress in privatization is indeed correlated with impro...

Market oriented approach by public utilities

Energy Technology Data Exchange (ETDEWEB)

Mantel, J J; Verkuil, J M

1989-08-01

Public utilities, especially the larger ones, have an image of being inefficient, technocratic and bureaucratic institutions, unresponsive to modern lifestyles, growing consumerism, differentiated customer needs and changing social values. Improving this image and increasing customer satisfaction requires the adoption of a systematic market oriented approach, based on an appropriate segmentation of the client and general public. This article gives the broad outline of such an approach followed by some generally applicable practical recommendations. Finally it stresses the importance of human aspects of organizational behaviour and, consequently, the crucial part of corporate culture. 2 figs., 1 tab.

Emerging markets and the international financial architecture: a blueprint for reform

Directory of Open Access Journals (Sweden)

JAN KREGEL

2015-06-01

Full Text Available If emerging markets are to achieve their objective of joining the ranks of industrialized, developed countries, they must use their economic and political influence to support radical change in the international financial system. This working paper recommends John Maynard Keynes's "clearing union" as a blueprint for reform of the international financial architecture that could address emerging market grievances more effectively than current approaches. Keynes's proposal for the postwar international system sought to remedy some of the same problems currently facing emerging market economies. It was based on the idea that financial stability was predicated on a balance between imports and exports over time, with any divergence from balance providing automatic financing of the debit countries by the creditor countries via a global clearinghouse or settlement system for trade and payments on current account. This eliminated national currency payments for imports and exports; countries received credits or debits in a notional unit of account fixed to national currency. Since the unit of account could not be traded, bought, or sold, it would not be an international reserve currency. The credits with the clearinghouse could only be used to offset debits by buying imports, and if not used for this purpose they would eventually be extinguished; hence the burden of adjustment would be shared equally - credit generated by surpluses would have to be used to buy imports from the countries with debit balances. Emerging market economies could improve upon current schemes for regionally governed financial institutions by using this proposal as a template for the creation of regional clearing unions using a notional unit of account.

Portuguese pellets market: Analysis of the production and utilization constrains

International Nuclear Information System (INIS)

Monteiro, Eliseu; Mantha, Vishveshwar; Rouboa, Abel

2012-01-01

As opposite in Portugal, the wood pellets market is booming in Europe. In this work, possible reasons for this market behavior are foreseen according to the key indicators of biomass availability, costs and legal framework. Two major constrains are found in the Portuguese pellets market: the first one is the lack of an internal consumption, being the market based on exportations. The second one is the shortage of raw material mainly due to the competition with the biomass power plants. Therefore, the combination of the biomass power plants with pellet production plants seems to be the best option for the pellets production in the actual Portuguese scenario. The main constrains for pellets market has been to convince small-scale customers that pellets are a good alternative fuel, mainly due to the investment needed and the strong competition with natural gas. Besides some benefits in the acquisition of new equipment for renewable energy, they are insufficient to cover the huge discrepancy of the investment in pellets heating. However, pellets are already economic interesting for large utilizations. In order cover a large amount of households, additional public support is needed to cover the supplementary costs of the pellets heating systems. - Highlights: ► There is a lack of internal consumption being the pellets market based on exportation. ► The shortage of raw material is mainly due to the biomass power plants. ► Combining pellet plants with biomass power plants seems to be a wise solution. ► The tax benefits of renewable energy equipments are not enough to cover the higher investment. ► Pellets are already economic interesting for large utilizations in the Portuguese scenario.

(Non-)utilization of pre-hospital emergency care by migrants and non-migrants in Germany.

Science.gov (United States)

Kietzmann, Diana; Knuth, Daniela; Schmidt, Silke

2017-01-01

This study was designed to explore the utilization and non-utilization of pre-hospital emergency care by migrants and non-migrants, and the factors that influence this behaviour. A cross-sectional representative German survey was conducted in a sample of 2.175 people, 295 of whom had a migration background. An additional sample of 50 people with Turkish migration background was conducted, partially in the Turkish language. Apart from socio-demographics, the utilization of emergency services and the reasons for non-utilization were assessed. Migrants had a higher utilization rate of pre-hospital emergency care (RR = 1.492) than non-migrants. Furthermore, migrants who were not born in Germany had a lower utilization rate (RR = 0.793) than migrants who were born in Germany. Regarding non-utilization, the most frequently stated reasons belonged to the categories initial misjudgment of the emergency situation and acting on one's own behalf, with the latter stated more frequently by migrants than by non-migrants. To prevent over-, under-, and lack of supply, it is necessary to transfer knowledge about the functioning of the medical emergency services, including first aid knowledge.

Comparing emerging and mature markets during times of crises: A non-extensive statistical approach

Science.gov (United States)

Namaki, A.; Koohi Lai, Z.; Jafari, G. R.; Raei, R.; Tehrani, R.

2013-07-01

One of the important issues in finance and economics for both scholars and practitioners is to describe the behavior of markets, especially during times of crises. In this paper, we analyze the behavior of some mature and emerging markets with a Tsallis entropy framework that is a non-extensive statistical approach based on non-linear dynamics. During the past decade, this technique has been successfully applied to a considerable number of complex systems such as stock markets in order to describe the non-Gaussian behavior of these systems. In this approach, there is a parameter q, which is a measure of deviation from Gaussianity, that has proved to be a good index for detecting crises. We investigate the behavior of this parameter in different time scales for the market indices. It could be seen that the specified pattern for q differs for mature markets with regard to emerging markets. The findings show the robustness of the stated approach in order to follow the market conditions over time. It is obvious that, in times of crises, q is much greater than in other times. In addition, the response of emerging markets to global events is delayed compared to that of mature markets, and tends to a Gaussian profile on increasing the scale. This approach could be very useful in application to risk and portfolio management in order to detect crises by following the parameter q in different time scales.

Extreme value theory in emerging markets: Evidence from the Montenegrin stock exchange

Directory of Open Access Journals (Sweden)

Cerović Julija

2015-01-01

Full Text Available The concept of Value at Risk(VaR estimates the maximum loss of a financial position at a given time for a given probability. This paper considers the adequacy of the methods that are the basis of extreme value theory in the Montenegrin emerging market before and during the global financial crisis. In particular, the purpose of the paper is to investigate whether the peaks-over-threshold method outperforms the block maxima method in evaluation of Value at Risk in emerging stock markets such as the Montenegrin market. The daily return of the Montenegrin stock market index MONEX20 is analyzed for the period January 2004 - February 2014. Results of the Kupiec test show that the peaks-over-threshold method is significantly better than the block maxima method, but both methods fail to pass the Christoffersen independence test and joint test due to the lack of accuracy in exception clustering when measuring Value at Risk. Although better, the peaks-over-threshold method still cannot be treated as an accurate VaR model for the Montenegrin frontier stock market.

The emerging "fans economy" marketing mode in digital consuming products industry in China

OpenAIRE

Wu, Chao

2015-01-01

The purpose of this thesis was to identify the new marketing mode in the consuming products industry and to discuss its feasibility to apply the emerging marketing mode into other industries or countries. The new marketing mode is called the “Fans economy” marketing mode. The objectives of the thesis are comparing the new marketing mode with the traditional one rather than challenging it, so that the thesis can make the analysis about the advantages and the disadvantages of the new marketing ...

Foreign Bank Entry and Credit Allocation in Emerging Markets

NARCIS (Netherlands)

Degryse, H.A.; Havrylchyk, O.; Jurzyk, E.; Kozak, S.

2009-01-01

We employ a unique data set containing bank-specific information to explore how foreign bank entry determines credit allocation in emerging markets. We investigate the impact of the mode of foreign entry (greenfield or takeover) on banks’ portfolio allocation to borrowers with different degrees of

How to obtain high returns with lower volatility in emerging markets?

Directory of Open Access Journals (Sweden)

Nipun Agarwal

2014-12-01

Full Text Available Emerging markets equity indexes are usually seen as high return with a high degree of volatility associated with them. However, this should not be the case, if you choose high-quality firms that have increasing returns and lower volatility. The intent of this paper is to introduce the risk weighted alpha (RWA indexation method that helps identify stocks that have stable increasing returns with lower volatility. In order to review this method in the context of emerging markets scenario, this paper takes the example of the Sensex index listed on the Bombay Stock Exchange (BSE that comprises India’s top 30 stocks by market capitalisation. Results show that some stocks like Hindustan Lever do show increasing returns and lower volatility. The RWA Sensex index outperforms the BSE Sensex index, while still maintaining a beta that is the same as that in the BSE Sensex index.

Utilization of Facebook in studio Arven's marketing

OpenAIRE

Hausmannová, Klára

2012-01-01

Title: Utilization of Facebook in studio Arven's marketing Objectives: The aim of this work is to create a facebook fan page for Power Plate studio Arven in Čelákovice. The facebook fan page was created on the basis of survey. Then the effectiveness of the page was evaluated. Methods: In this work have been taken both quantitative and qualitative methods. The quantitative method was applied in survey among existing clients of studio Arven and facebook fans of fitness clubs. Qualitative method...

Electric and gas utility marketing of residential energy conservation case studies

Energy Technology Data Exchange (ETDEWEB)

None

1980-05-01

The objective of this research was to obtain information about utility conservation marketing techniques from companies actively engaged in performing residential conservation services. Many utilities currently are offering comprehensive services (audits, listing of contractors and lenders, post-installation inspection, advertising, and performing consumer research). Activities are reported for the following utilities: Niagara Mohawk Power Corporation; Tampa Electric Company; Memphis Light, Gas, and Water Division; Northern States Power-Wisconsin; Public Service Company of Colorado; Arizona Public Service Company; Pacific Gas and Electric Company; Sacramento Municipal Utility District; and Pacific Power and Light Company.

Investor’s Sentiments and Stock Market Volatility: an empirical evidence from emerging stock market

Directory of Open Access Journals (Sweden)

Mobeen Ur Rehman

2013-05-01

Full Text Available The concept of efficient market hypothesis has prevailed the financial markets for a long time which says that the prices of the securities reflect all available information. This approach was mainly followed by the rational investors but with the passage of time, the concept of behavioral finance emerged due to some of the major global financial crashes. This concept states that there are investors trading in the market making decisions on the basis of sentiments not on any fundamental information. Such class of traders is called the noise traders and they are mainly responsible for any disruption in the returns of the securities. In this paper we will try to find whether these sentiments of the investors affect the returns of the securities listed on the Karachi stock exchange. We will use the investor sentiment index that uses the six proxies the data on which has been collected mainly from the Karachi stock exchange. Volatility of the stock market returns will be calculated and regressed with the sentimental equation discussed above as the independent variable. This study will help us to find out the extent to which these sentiments influence the stock market returns in weak form efficient market and also it will help us to identify the presence of such irrational noise traders in our financial market.

Providing Appropriate Technology for Emerging Markets: Case Study on China’s Solar Thermal Industry

Directory of Open Access Journals (Sweden)

Jianghua Zhou

2017-01-01

Full Text Available Building on a case study of five Chinese solar thermal companies and one association, our study aims to understand how the innovator’s choices regarding the use of technology and organizational practices for new product development enable companies to design and diffuse appropriate technology in emerging markets. The study uncovers two critical factors that enhance the appropriateness of technology: redefining the identity of technology and building a local supply system. Our analysis shows that synergic innovation in both architecture and component leads to the appropriate functionalities desired by emerging markets. Moreover, modular design and the building of a local supply system enhance the process appropriateness of technology. Our study provides an empirical basis for advocating going beyond minor adaptations of existing products to creating appropriate technology for emerging markets, and extends our understandings of the upstream process of designing appropriate technology. Moreover, the emphasis on the local supply system reflects a holistic framework for shaping and delivering appropriate technology, expanding the existing research focus on the perspective of the technology itself. Our research also has managerial implications that may help firms tap into emerging markets.

Electric energy storage systems in a market-based economy. Comparison of emerging and traditional technologies

International Nuclear Information System (INIS)

Kazempour, S. Jalal; Moghaddam, M. Parsa; Haghifam, M.R.; Yousefi, G.R.

2009-01-01

Unlike markets for storable commodities, electricity markets depend on the real-time balance of supply and demand. Although much of the present-day grid operate effectively without storage technologies, cost-effective ways of storing electrical energy can make the grid more efficient and reliable. This work addresses an economic comparison between emerging and traditional Electric Energy Storage (EES) technologies in a competitive electricity market. In order to achieve this goal, an appropriate Self-Scheduling (SS) approach must first be developed for each of them to determine their maximum potential of expected profit among multi-markets such as energy and ancillary service markets. Then, these technologies are economically analyzed using Internal Rate of Return (IRR) index. Finally, the amounts of needed financial supports are determined for choosing the emerging technologies when an investor would like to invest on EES technologies. Among available EES technologies, we consider NaS battery (Natrium Sulfur battery) and pumped-storage plants as emerging and traditional technologies, respectively. (author)

A Risk Metric Assessment of Scenario-Based Market Risk Measures for Volatility and Risk Estimation: Evidence from Emerging Markets

Directory of Open Access Journals (Sweden)

Sitima Innocent

2015-03-01

Full Text Available The study evaluated the sensitivity of the Value- at- Risk (VaR and Expected Shortfalls (ES with respect to portfolio allocation in emerging markets with an index portfolio of a developed market. This study utilised different models for VaR and ES techniques using various scenario-based models such as Covariance Methods, Historical Simulation and the GARCH (1, 1 for the predictive ability of these models in both relatively stable market conditions and extreme market conditions. The results showed that Expected Shortfall has less risk tolerance than VaR based on the same scenario-based market risk measures

Effect of the business environment on market orientation and performance in an emerging country

Directory of Open Access Journals (Sweden)

József Berács

2010-11-01

Full Text Available In the paper the relationship between market orientation and performance, and the effect of the business environment on these two factors in an emerging economy, in Hungary, was investigated. In a research conducted at 572 firms we found that both market orientation and the business environment have an effect on business performance, albeit in a different manner. The three components of the market orientation construct (customer orientation, competitor orientation, interfunctional coordination have a positive effect on performance. Contrary to that, environmental variables (technological turbulence, market turbulence, competitive intensity, buyer power etc. proved to have a signficant impact only on the finance-based performance measures. The results provide unambiguous evidence that the environment has a strong effect on market orientation, indicating that the market orientation scale developed by Narver and Slater is a proper tool to describe the transitional processes in an emerging economy characterized by high turbulence

Does SDDS Subscription Reduce Borrowing Costs for Emerging Market Economies?

OpenAIRE

John Cady

2005-01-01

Does macroeconomic data transparency-as signaled by subscription to the IMF's Special Data Dissemination Standard (SDDS)-help reduce borrowing costs in international capital markets? This question is examined using data on new issues of sovereign foreign-currency-denominated (U.S. dollar, yen, and euro) bonds for several emerging market economies. Panel econometric estimates indicate that spreads on new bond issues declined on average by close to 20 percent, or by an average of about 55 basis...

The Effect of Firm Strategy and Corporate Performance on Software Market Growth in Emerging Regions

Science.gov (United States)

Mertz, Sharon A.

2013-01-01

The purpose of this research is to evaluate the impact of firm strategies and corporate performance on enterprise software market growth in emerging regions. The emerging regions of Asia Pacific, Eastern Europe, the Middle East and Africa, and Latin America, currently represent smaller overall markets for software vendors, but exhibit high growth…

Financial Development and Unemployment in Emerging Market Economies

OpenAIRE

Bayar Yilmaz

2016-01-01

Financial sector has experienced significant expansion together with accelerating financial globalization in recent years and had important positive and negative economic implications for all the economies. This study investigates the interaction among unemployment, financial development and domestic investment in 16 emerging market economies during 2001-2014 period using panel data analysis. We found that there was long relationship among the variables and domestic investment had negative im...

Impacts of Western Area Power Administration's power marketing alternatives on electric utility systems

International Nuclear Information System (INIS)

Veselka, T.D.; Portante, E.C.; Koritarov, V.

1995-03-01

This technical memorandum estimates the effects of alternative contractual commitments that may be initiated by the Western Area Power Administration's Salt Lake City Area Office. It also studies hydropower operational restrictions at the Salt Lake City Area Integrated Projects in combination with these alternatives. Power marketing and hydropower operational effects are estimated in support of Western's Electric Power Marketing Environmental Impact Statement (EIS). Electricity production and capacity expansion for utility systems that will be directly affected by alternatives specified in the EIS are simulated. Cost estimates are presented by utility type and for various activities such as capacity expansion, generation, long-term firm purchases and sales, fixed operation and maintenance expenses, and spot market activities. Operational changes at hydropower facilities are also investigated

Market Imitation and Win-Stay Lose-Shift Strategies Emerge as Unintended Patterns in Market Direction Guesses.

Science.gov (United States)

Gutiérrez-Roig, Mario; Segura, Carlota; Duch, Jordi; Perelló, Josep

2016-01-01

Decisions made in our everyday lives are based on a wide variety of information so it is generally very difficult to assess what are the strategies that guide us. Stock market provides a rich environment to study how people make decisions since responding to market uncertainty needs a constant update of these strategies. For this purpose, we run a lab-in-the-field experiment where volunteers are given a controlled set of financial information -based on real data from worldwide financial indices- and they are required to guess whether the market price would go "up" or "down" in each situation. From the data collected we explore basic statistical traits, behavioural biases and emerging strategies. In particular, we detect unintended patterns of behavior through consistent actions, which can be interpreted as Market Imitation and Win-Stay Lose-Shift emerging strategies, with Market Imitation being the most dominant. We also observe that these strategies are affected by external factors: the expert advice, the lack of information or an information overload reinforce the use of these intuitive strategies, while the probability to follow them significantly decreases when subjects spends more time to make a decision. The cohort analysis shows that women and children are more prone to use such strategies although their performance is not undermined. Our results are of interest for better handling clients expectations of trading companies, to avoid behavioural anomalies in financial analysts decisions and to improve not only the design of markets but also the trading digital interfaces where information is set down. Strategies and behavioural biases observed can also be translated into new agent based modelling or stochastic price dynamics to better understand financial bubbles or the effects of asymmetric risk perception to price drops.

Market Imitation and Win-Stay Lose-Shift Strategies Emerge as Unintended Patterns in Market Direction Guesses

Science.gov (United States)

Segura, Carlota; Duch, Jordi; Perelló, Josep

2016-01-01

Decisions made in our everyday lives are based on a wide variety of information so it is generally very difficult to assess what are the strategies that guide us. Stock market provides a rich environment to study how people make decisions since responding to market uncertainty needs a constant update of these strategies. For this purpose, we run a lab-in-the-field experiment where volunteers are given a controlled set of financial information -based on real data from worldwide financial indices- and they are required to guess whether the market price would go “up” or “down” in each situation. From the data collected we explore basic statistical traits, behavioural biases and emerging strategies. In particular, we detect unintended patterns of behavior through consistent actions, which can be interpreted as Market Imitation and Win-Stay Lose-Shift emerging strategies, with Market Imitation being the most dominant. We also observe that these strategies are affected by external factors: the expert advice, the lack of information or an information overload reinforce the use of these intuitive strategies, while the probability to follow them significantly decreases when subjects spends more time to make a decision. The cohort analysis shows that women and children are more prone to use such strategies although their performance is not undermined. Our results are of interest for better handling clients expectations of trading companies, to avoid behavioural anomalies in financial analysts decisions and to improve not only the design of markets but also the trading digital interfaces where information is set down. Strategies and behavioural biases observed can also be translated into new agent based modelling or stochastic price dynamics to better understand financial bubbles or the effects of asymmetric risk perception to price drops. PMID:27532219

Emergency Preparedness Education for Nurses: Core Competency Familiarity Measured Utilizing an Adapted Emergency Preparedness Information Questionnaire.

Science.gov (United States)

Georgino, Madeline M; Kress, Terri; Alexander, Sheila; Beach, Michael

2015-01-01

The purpose of this project was to measure trauma nurse improvement in familiarity with emergency preparedness and disaster response core competencies as originally defined by the Emergency Preparedness Information Questionnaire after a focused educational program. An adapted version of the Emergency Preparedness Information Questionnaire was utilized to measure familiarity of nurses with core competencies pertinent to first responder capabilities. This project utilized a pre- and postsurvey descriptive design and integrated education sessions into the preexisting, mandatory "Trauma Nurse Course" at large, level I trauma center. A total of 63 nurses completed the intervention during May and September 2014 sessions. Overall, all 8 competencies demonstrated significant (P < .001; 98% confidence interval) improvements in familiarity. In conclusion, this pilot quality improvement project demonstrated a unique approach to educating nurses to be more ready and comfortable when treating victims of a disaster.

Privatization, political risk and stock market development in emerging economies

NARCIS (Netherlands)

Perotti, E.C.; van Oijen, P. H.

2001-01-01

This paper investigates whether privatization in emerging economies has a significant indirect effect on local stock market development through the resolution of political risk. We argue that a sustained privatization program represents a major political test that gradually resolves uncertainty over

Privatization, political risk and stock market development in emerging economies

NARCIS (Netherlands)

Perotti, E.C.; van Oijen, P.H.

1999-01-01

This paper investigates whether privatization in emerging economies has a significant indirect effect on local stock market development through the resolution of political risk. We argue that a sustained privatization program represents a major political test that gradually resolves uncertainty over

Privatization, political risk and stock market development in emerging economies

NARCIS (Netherlands)

Perotti, E.C.; van Oijen, P.H.

1999-01-01

This paper investigates whether privatisation in emerging economies has a significant indirect effect on local stock market development through the resolution of political risk. We argue that a sustained privatisation programme represents a major political test which gradually resolves uncertainty

IS CAPM AN EFFICIENT MODEL? ADVANCED VERSUS EMERGING MARKETS

Directory of Open Access Journals (Sweden)

Iulian IHNATOV

2015-10-01

Full Text Available CAPM is one of the financial models most widely used by the investors all over the world for analyzing the correlation between risk and return, being considered a milestone in financial literature. However, in recently years it has been criticized for the unrealistic assumptions it is based on and for the fact that the expected returns it forecasts are wrong. The aim of this paper is to test statistically CAPM for a set of shares listed on New York Stock Exchange, Nasdaq, Warsaw Stock Exchange and Bucharest Stock Exchange (developed markets vs. emerging markets and to compare the expected returns resulted from CAPM with the actually returns. Thereby, we intend to verify whether the model is verified for Central and Eastern Europe capital market, mostly dominated by Poland, and whether the Polish and Romanian stock market index may faithfully be represented as market portfolios. Moreover, we intend to make a comparison between the results for Poland and Romania. After carrying out the analysis, the results confirm that the CAPM is statistically verified for all three capital markets, but it fails to correctly forecast the expected returns. This means that the investors can take wrong investments, bringing large loses to them.

The Emergence of Industrial Marketing Management as the Leading Academic Journal in Business-to-Business Marketing

DEFF Research Database (Denmark)

Di Benedetto, C. Anthony; Lindgreen, Adam

2018-01-01

During 1994–2016, Peter LaPlaca served as editor-in-chief of Industrial Marketing Management, an era in which the research discipline surrounding business-to-business marketing showed remarkable growth and attracted the attention of scholars worldwide. This article traces the evolving maturity...... of the discipline during these years by analyzing not just statistics but also the content of the premier journal in this area, Industrial Marketing Management. The number of papers submitted and articles published per year, the growth in the journal's impact factor, the increased presence of international authors...... and editorial board members, and the arrival of meta-analyses and special issues on emerging research topics all indicate the level of maturity and scope of the business-to-business marketing research discipline attained during this period— thanks to the expert guidance and tireless efforts of Professor La...

Antecedents and Performance Consequences of Subsidiaries’ Political Strategies in Emerging Markets

DEFF Research Database (Denmark)

Heidenreich, Stefan; Puck, Jonas F.; Nell, Phillip C.

their internal as well as their external environment. Our hypotheses are tested using three-stage least squares with detailed data from 156 subsidiaries in emerging markets. Results contribute to theory by differentiating effects from internal vs. external isomorphic pressures on political strategies. We also......This paper analyzes antecedents and performance consequences of political strategies deployed by MNC subsidiaries in emerging markets. Following institutional theory reasoning, we point towards institutional duality subsidiaries are confronted with, entailing isomorphic pressures stemming from...... deliver a deeper level of understanding of the latter relationship by differentiating the general concept of external isomorphic pressures into pressures from national public and national private stakeholders. Finally, we find significant support for a positive effect of political strategies on subsidiary...

Antecedents and Performance Consequences of Subsidiaries' Political Activities in Emerging Markets

DEFF Research Database (Denmark)

Heidenreich, Stefan; Puck, Jonas F.; Nell, Phillip C.

2012-01-01

This paper analyzes antecedents of political activities deployed by MNC subsidiaries in emerging markets and subsequently examines their effect on subsidiary performance. Following institutional theory reasoning, we point towards institutional duality subsidiaries are confronted with, entailing...... isomorphic pressures stemming from their internal as well as their external environment. Our hypotheses are tested using a three-stage least squares method with data from 156 subsidiaries in emerging markets. Results contribute to theory by providing evidence on the effects stemming from internal vs....... external isomorphic pressures on political activities, and delivering a deeper-level understanding of the latter relationship by differentiating the higher-level concept of external isomorphic pressures into pressures from national public and national private stakeholders. Finally, we find significant...

Antecedents and Performance Consequences of Subsidiaries’ Political Strategies in Emerging Markets

DEFF Research Database (Denmark)

Heidenreich, Stefan; Puck, Jonas F.; Nell, Phillip C.

deliver a deeper level of understanding of the latter relationship by differentiating the general concept of external isomorphic pressures into pressures from national public and national private stakeholders. Finally, we find significant support for a positive effect of political strategies on subsidiary......This paper analyzes antecedents and performance consequences of political strategies deployed by MNC subsidiaries in emerging markets. Following institutional theory reasoning, we point towards institutional duality subsidiaries are confronted with, entailing isomorphic pressures stemming from...... their internal as well as their external environment. Our hypotheses are tested using three-stage least squares with detailed data from 156 subsidiaries in emerging markets. Results contribute to theory by differentiating effects from internal vs. external isomorphic pressures on political strategies. We also...

Foreign news and spillovers in emerging European stock markets

Czech Academy of Sciences Publication Activity Database

Hanousek, Jan; Kočenda, E.

2011-01-01

Roč. 19, č. 1 (2011), s. 170-188 ISSN 0965-7576 R&D Projects: GA ČR(CZ) GAP403/11/0020; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : emerging European stock market s * foreign news * intraday data Subject RIV: AH - Economics Impact factor: 0.631, year: 2011

A U.S. utility's view of the enrichment and uranium market

International Nuclear Information System (INIS)

Cleveland, J.M.

1986-01-01

The author maintains that utility managers' view of the uranium and enrichment market is a result of their perceived environment. As responsible utility managers, it is their responsibility to change the environment by having a forward vision, empowering cooperation, maintaining high integrity and having an entrepreneurial philosophy. It is their obligation to deal with each other, as well as with the uninformed non-nuclear world, in this positive manner

What does location choice reveal about knowledge-seeking strategies of emerging market multinationals in the EU?

DEFF Research Database (Denmark)

Jindra, Bjørn; Hassan, Sohaib Shahzad; Cantner, Uwe

2016-01-01

The European Union is one of the largest recipients of outward foreign direct investment from emerging economies. We apply different discrete choice models to analyze the location choice of 4555 emerging market firms in 93 sub-national regions of the European Union. In particular, we test to what...... extent these firms’ location choices are related to agglomeration economies and knowledge externalities, because these have been suggested as potential sources to propel learning and technological catching-up. Our results indicate that emerging market firms’ location choices are positively affected...... by agglomeration economies and knowledge externalities. In addition, we can identify differences in the valuation of various sub-national location factors as well as differences in the substitution pattern between alternative regions for firms originating from emerging markets. The evidence supports the argument...

DEVELOPMENT FINANCIAL INSTITUTIONS AND THEIR ROLE IN SUPPORTING EMERGING MARKETS PRIVATE EQUITY FUNDS

Directory of Open Access Journals (Sweden)

ANTON Sorin Gabriel

2013-12-01

Full Text Available Development financial institutions have emerged in the last years as major investors in the private equity industry. Their main goals are to create new jobs, to foster innovation and to develop the private sector. The aim of the paper is to analyze the role played by the development financial institutions in the creation and development of emerging markets private equity funds in the light of financial crisis started in 2008. We found that many development banks have increased their financial support to the emerging markets private equity funds and have improved the standards and norms of the local industry. They played a countercyclical role during a difficult period when private investors proved reluctant in backing new private equity funds.

78 FR 36768 - Battery Utility of Ohio, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2013-06-19

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER13-1667-000] Battery Utility of Ohio, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... Battery Utility of Ohio, LLC's application for market-based rate authority, with an accompanying rate...

Interface between marketing, policy and development in emerging economies. An exploratory study and evaluation

Directory of Open Access Journals (Sweden)

Rodney Oudan

2017-11-01

Full Text Available This paper explores the role of marketing, policy, and development for emerging economies moving toward a market-driven economic environment. A historical review provides a foundation, then deductive analyses from theoretical reviews and transcripts reveal that such marketing is still in the developmental stages and has become necessary for the future direction of these economies. Following the findings, the paper provides managerial marketing implications and highlights how a market orientation and market-driven approach is necessary for the greater social good in a global economy.

Value investing in emerging markets : local macroeconomic risk and extrapolation

NARCIS (Netherlands)

Kouwenberg, R.; Salomons, R.M.

2003-01-01

Our results confirm the profitability of value investing at the country level in emerging markets. A portfolio of countries with low price-to-book ratios significantly outperforms a portfolio of high price-to-book countries. Global risk factors cannot explain this outperformance. Next we measure a

Change Implementation in Emerging Markets

DEFF Research Database (Denmark)

Thomsen, Jeanette; Sundgaard, Elin

2010-01-01

firm (new Danish C.E.O. and Danish production managers) and establishment of administration at a new production site lead to changes in the sub-systems elements of both machines and people and also the changes in the metarules (new authority system) and values and norms.......  This paper seeks to identify the types of development changes taking place in Danish subsidiaries in Baltic countries in the accounting function. A longitudinal case study is used. The paper uses Laughlin's ‘colonizing‘ model of organizational change to understand the driving forces for change....... The knowledge of change in the Danish subsidiaries in an institutional context can help managers in subsidiaries to gain a better understanding of the overall situation and make more appropriate decisions in change implementation in subsidiaries in emerging markets. The environmental disturbance in the case...

Willingness to Pay for Renewable Electricity: A Review of Utility Market Research

Energy Technology Data Exchange (ETDEWEB)

Farhar, B. C.

1999-09-09

As competition in the electric utility industry has become more widespread and federal legislation deregulating the utility industry more likely, utilities have become more concerned about actions they can take to help ensure the loyalty of their customers. National polls have, for 20 years, found majority preferences for renewable energy over other energy sources. This issue brief compiles and analyzes recent market research conducted by utility companies on customer interest in and willingness to pay for renewable electricity. Findings in the areas examined in this review are: Customers are favorable toward renewable sources of electricity, although they know little about them; Solar and wind are the most favored sources of electricity generation; Majorities of 52% to nearly 100% of residential customers said they were willing to pay at least a modest amount more per month on their electric bills for green power; their responses follow a predictable curve showing that percentages willing to pay more decline as cost increases. The residential market for green pricing is approximately 2% near program rollout at a $5/month price increment, and should increase slowly but steadily over time; Customers may view with favor, and be more willing to purchase electricity from, utilities that provide green power.

Batteries and fuel cells for emerging electric vehicle markets

Science.gov (United States)

Cano, Zachary P.; Banham, Dustin; Ye, Siyu; Hintennach, Andreas; Lu, Jun; Fowler, Michael; Chen, Zhongwei

2018-04-01

Today's electric vehicles are almost exclusively powered by lithium-ion batteries, but there is a long way to go before electric vehicles become dominant in the global automotive market. In addition to policy support, widespread deployment of electric vehicles requires high-performance and low-cost energy storage technologies, including not only batteries but also alternative electrochemical devices. Here, we provide a comprehensive evaluation of various batteries and hydrogen fuel cells that have the greatest potential to succeed in commercial applications. Three sectors that are not well served by current lithium-ion-powered electric vehicles, namely the long-range, low-cost and high-utilization transportation markets, are discussed. The technological properties that must be improved to fully enable these electric vehicle markets include specific energy, cost, safety and power grid compatibility. Six energy storage and conversion technologies that possess varying combinations of these improved characteristics are compared and separately evaluated for each market. The remainder of the Review briefly discusses the technological status of these clean energy technologies, emphasizing barriers that must be overcome.

Block Chain : Opportunities for Private Enterprises in Emerging Market

OpenAIRE

Niforos, Marina; Ramachandran, Vijaya; Rehermann, Thomas

2017-01-01

The six chapters that follow provide an overview of the technology (chapter one) and its unfolding applications in emerging markets (chapter two). Chapter three examines whether blockchain can be used to mitigate de-risking by financial institutions. Chapters four and five look more closely at the financial services sector, including an overview of how blockchain affects plays into the wid...

LDC gas buyers adjusting to vastly changed market

International Nuclear Information System (INIS)

Share, J.

1997-01-01

In a just-released study, RKS Research and Consulting reported that while power and gas marketing firms may become key players in the deregulated energy business, few of their customers and seeing a national leader emerge. The report said while 75% of large customers interviewed already use energy marketers, only 25% evidence a clear understanding of these firms' skills and product /offerings. The study found that the energy users considered reliable energy supply, service dependability and quality/reliability of fuel sources their top three criteria and apply that to utilities and energy marketing firms. The marketers may offer some unique services, such as a commanding market presence, fuel diversity, skill in using financial derivatives and record of successful risk management, but those offerings are generally at the bottom of the list that energy users use when considering power and gas marketers, the study said. What does this all mean to the gas utilities, both in terms of buying supplies as well as providing gas against their newly emerging competitors? The author asked gas buyers from five LDCs to discuss the challenges they face in doing their jobs today. Their comments are relevant because it is not only an example of a new way of doing business, but is also indicative of the choices and problems one will endure in buying energy in an increasingly deregulated environment. And remember this: the utilities are still the predominant buyers of gas

Reconciling Consumer and Utility Objectives in the Residential Solar PV Market

Science.gov (United States)

Arnold, Michael R.

Today's energy market is facing large-scale changes that will affect all market players. Near the top of that list is the rapid deployment of residential solar photovoltaic (PV) systems. Yet that growing trend will be influenced multiple competing interests between various stakeholders, namely the utility, consumers and technology provides. This study provides a series of analyses---utility-side, consumer-side, and combined analyses---to understand and evaluate the effect of increases in residential solar PV market penetration. Three urban regions have been selected as study locations---Chicago, Phoenix, Seattle---with simulated load data and solar insolation data at each locality. Various time-of-use pricing schedules are investigated, and the effect of net metering is evaluated to determine the optimal capacity of solar PV and battery storage in a typical residential home. The net residential load profile is scaled to assess system-wide technical and economic figures of merit for the utility with an emphasis on intraday load profiles, ramp rates and electricity sales with increasing solar PV penetration. The combined analysis evaluates the least-cost solar PV system for the consumer and models the associated system-wide effects on the electric grid. Utility revenue was found to drop by 1.2% for every percent PV penetration increase, net metering on a monthly or annual basis improved the cost-effectiveness of solar PV but not battery storage, the removal of net metering policy and usage of an improved the cost-effectiveness of battery storage and increases in solar PV penetration reduced the system load factor. As expected, Phoenix had the most favorable economic scenario for residential solar PV, primarily due to high solar insolation. The study location---solar insolation and load profile---was also found to affect the time of year at which the largest net negative system load was realized.

Electric-utility DSM programs in a competitive market

Energy Technology Data Exchange (ETDEWEB)

Hirst, E.

1994-04-01

During the past few years, the costs and effects of utility demand-side management (DSM) programs have grown sharply. In 1989, US electric utilities spent 0.5% of revenues on such programs and cut total electricity consumption by 0.6%. By 1992, these numbers had increased to 1.3% and 1.2%, respectively. Utility projections, as of early 1993, of DSM expenditures and energy savings for 1997 were 1.7% and 2.5%, respectively. Whether this projected growth comes to pass may depend on current debates about deregulation of, and increased competition in, the electric-utility industry. This report examines the factors likely to affect utility DSM programs in a more competitive environment. The electric-utility industry faces two forces that may conflict with each other. One is the pressure to open up both wholesale and retail markets for competition. The net effect of such competition, especially at the retail level, would have much greater emphasis on electricity prices and less emphasis on energy services. Such an outcome would force a sharp reduction in the scale of DSM programs that are funded by customers in general. The second force is increased concern about environmental quality and global warming. Because utilities are major contributors to US carbon dioxide emissions, the Administration`s Climate Change Action Plan calls on utilities to reduce such emissions. DSM programs are one key way to do that and, in the process, to cut customer electric bills and improve economic productivity. This report discusses the forms of competition and how they might affect DSM programs. It examines the important roles that state regulatory commissions could play to affect retail competition and utility DSM programs. The report also considers the effects of DSM programs on retail electricity prices.

12 CFR 615.5136 - Emergencies impeding normal access of Farm Credit banks to capital markets.

Science.gov (United States)

2010-01-01

... Credit banks to capital markets. 615.5136 Section 615.5136 Banks and Banking FARM CREDIT ADMINISTRATION... Investment Management § 615.5136 Emergencies impeding normal access of Farm Credit banks to capital markets... defense crisis could impede the normal access of Farm Credit banks to the capital markets. Whenever the...

Collateral and its Substitutes in Emerging Markets' Lending

OpenAIRE

Lukas Menkhoff; Doris Neuberger; Ornsiri Rungruxsirivorn

2011-01-01

Due to opaque information and weak enforcement in emerging loan markets, the need for collateral is high, whereas borrowers lack adequate assets to pledge as collateral. How is this puzzle solved? We find for a representative sample from Northeast Thailand that indeed most loans do not include any tangible assets as collateral. Instead, lenders enforce collateral-free loans through third-party guarantees and relationship lending, but also through modifying loan terms, such as reducing loan si...

Technology Entrepreneurship in Emerging Markets: An Exploration of Entrepreneurial Models Prevalent in India

Directory of Open Access Journals (Sweden)

Shiv S Tripathi

2018-01-01

Full Text Available Are the features and processes of entrepreneurship – such as wealth creation, risk taking, vision, identification of a niche market, launching new products, and so on – common across the world? Many would assume they would be. However, firms that are entrepreneurial in nature and belong to emerging markets may or may not follow the established models of developed economies. In this study, we sought to explore various types of entrepreneurial models that are prevalent in an emerging market. For this purpose, we collected primary and secondary data to identify characteristics of technology-based entrepreneurial firms in India. Based on the two dimensions of degree of demand/supply and expected loss/risk, we identify four models of entrepreneurship – incremental, proactive, radical, and reactive – and illustrate each model with examples from Indian companies.

Determining firms׳ utility functions and competitive roles from data on market shares using Lotka–Volterra models

Directory of Open Access Journals (Sweden)

A. Marasco

2016-06-01

Full Text Available In this article, we include data on historical and estimated market shares of two markets. In particular, we include annual data on the market shares of the Japanese beer market (1963–2000 and biannual data on the market shares of the mobile phones market in Greece (1998–2007. In addition, we estimate monthly data on market shares for both markets. We show how this data can be used to derive firms’ utility functions and their competitive roles.

Internationalization of portuguese luxury firms to emerging markets : Loja das Meias and Fátima Lopes case study

OpenAIRE

Carvalho, Madalena Maria Gema de

2012-01-01

In a fast evolving luxury industry, brands strive to grow and seek news ways to reach success. This thesis focuses on the internationalization of Portuguese luxury firms to emerging markets. Internationalization comes has a significant response to the fast-passing luxury industry, which alongside with limited room to evolve in the Portuguese luxury market, has driven national firms to widen their boarders and expand to international audiences. As emerging markets are increasingly showing thei...

Financial Crisis from the Trust and Loss Aversion Perspective in Emerging Romanian Capital Market

Directory of Open Access Journals (Sweden)

Antoniade-Ciprian ALEXANDRU

2011-07-01

Full Text Available In this paper we synthesized a study of financial crisis from the trust and loss aversion perspective on a particular case, Romanian emerging capital market. In a relative recent study we stopped with our data series at the level of 2008, November, but in this paper we continue our research until 2009, December. In a world-wide financial crisis and a global financial depreciation of stocks the emergent markets are much more affected that the lack of money and investors aversion. We study, based on efficient market theory, the evolution of portfolio structure in balanced funds. We are interesting to make an evaluation of present sentiment of investing money in capital markets and especially in stocks. Also, is necessary to determine which are the most important problems in this situation and seek an adequate stimulus for future development of direct investment.

Adolescents' Knowledge, Attitude and Utilization of Emergency Contraceptive Pills in Nigeria's Niger Delta Region.

Science.gov (United States)

Onasoga, Olayinka A; Afolayan, Joel Adeleke; Asamabiriowei, Tariebi Florence; Jibril, Umar Nda; Imam, Abubakar Ayinla

2016-01-01

Risky sexual activity among adolescents is on the increase and contraceptive prevalence rate is low which is evidenced by high rate of teenage pregnancy in Bayelsa state, Nigeria. This study assesses the adolescents' knowledge, attitude and utilization of emergency contraceptive pills (ECP) in Amassoma Community, Bayelsa State, in the Niger Delta region of Nigeria. The study was a descriptive cross-sectional research design. A purposive sampling technique was used to select a sample of 220 respondents from the target population. Data were collected using a self-structured questionnaire. Descriptive and inferential statistics were used to analyze the data generated. Majority of the respondents had high level of knowledge and positive attitude towards emergency contraceptive pills but had low level of utilization. Concerns about what others may say, parental attitude, contraceptive availability, contraceptive accessibility, and peer influences were the major factors that influenced the utilization of contraceptive pills. There was no significant relationship between knowledge and utilization of emergency contraceptive pills, as well as level of knowledge and their utilization of emergency contraceptive pills. Adolescents in the study were more likely to use emergency contraceptive pills, if parents and others reaction to adolescents' contraceptive use were positive about those. Health care professionals, especially nurses, should organize enlightenment programs to educate adolescents, parents and the public on the benefits of adolescents' contraceptives use, especially ECP.

Charting the Emergence of Corporate Procurement of Utility-Scale PV

Energy Technology Data Exchange (ETDEWEB)

Heeter, Jenny S. [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Cook, Jeffrey J. [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Bird, Lori A. [National Renewable Energy Laboratory (NREL), Golden, CO (United States)

2017-09-07

Corporations and other institutions have contracted for more than 2300 MW of off-site solar, using power purchase agreements, green tariffs, or bilateral deals with utilities. This paper examines the benefits, challenges, and outlooks for large-scale off-site solar purchasing in the United States. Pathways differ based on where they are available, the hedge value they can provide, and their ease of implementation. The paper features case studies of an aggregate PPA (Massachusetts Institute of Technology, Boston Medical Center, and Post Office Square), a corporation exiting their incumbent utility (MGM Resorts), a utility offering large scale renewables to corporate customers (Alabama Powers Renewable Procurement Program), and a company with approval to sell energy into wholesale markets (Google Energy Inc.).

Implications of Market Frictions : Serial Correlations in Indexes on the Emerging Stock Markets in Central and Eastern Europe

Directory of Open Access Journals (Sweden)

Joanna Olbrys

2014-01-01

Full Text Available Implications of market frictions in the context of serial correlations in indexes on the Central and Eastern European (CEE stock markets have been analysed. Market frictions, such as non-trading effects, bid/ask spreads, other transaction costs, etc., may be detected by direct measurement, or by indirect identification. Direct measurement of frictions is difficult as intraday trading data are unavailable in the case of most of the emerging CEE stock markets. Indirect identification may be conducted by detecting some empirical phenomena. One of them is evidence of serial correlations in indexes, the so-called the Fisher effect. We explore the problem of serial correlations in indexes on the eight CEE stock markets using data samples from each CEE market separately, as well as a "common trading window" approach, which is widely applied in the case of databases with multivariate time series. The evidence is that nonsynchronous trading effect II between markets may substantially disrupt the analysis of index returns on a domestic market. Using a synchronized database, one may erroneously conclude that the Fisher effect does not exist, although it is present. (original abstract

Supporting analysis and assessments quality metrics: Utility market sector

Energy Technology Data Exchange (ETDEWEB)

Ohi, J. [National Renewable Energy Lab., Golden, CO (United States)

1996-10-01

In FY96, NREL was asked to coordinate all analysis tasks so that in FY97 these tasks will be part of an integrated analysis agenda that will begin to define a 5-15 year R&D roadmap and portfolio for the DOE Hydrogen Program. The purpose of the Supporting Analysis and Assessments task at NREL is to provide this coordination and conduct specific analysis tasks. One of these tasks is to prepare the Quality Metrics (QM) for the Program as part of the overall QM effort at DOE/EERE. The Hydrogen Program one of 39 program planning units conducting QM, a process begun in FY94 to assess benefits/costs of DOE/EERE programs. The purpose of QM is to inform decisionmaking during budget formulation process by describing the expected outcomes of programs during the budget request process. QM is expected to establish first step toward merit-based budget formulation and allow DOE/EERE to get {open_quotes}most bang for its (R&D) buck.{close_quotes} In FY96. NREL coordinated a QM team that prepared a preliminary QM for the utility market sector. In the electricity supply sector, the QM analysis shows hydrogen fuel cells capturing 5% (or 22 GW) of the total market of 390 GW of new capacity additions through 2020. Hydrogen consumption in the utility sector increases from 0.009 Quads in 2005 to 0.4 Quads in 2020. Hydrogen fuel cells are projected to displace over 0.6 Quads of primary energy in 2020. In future work, NREL will assess the market for decentralized, on-site generation, develop cost credits for distributed generation benefits (such as deferral of transmission and distribution investments, uninterruptible power service), cost credits for by-products such as heat and potable water, cost credits for environmental benefits (reduction of criteria air pollutants and greenhouse gas emissions), compete different fuel cell technologies against each other for market share, and begin to address economic benefits, especially employment.

Conference Proceedings: Effectively utilizing energy derivatives in a deregulated electricity market

International Nuclear Information System (INIS)

1998-01-01

This conference was devoted to a discussion about the likely impacts of deregulation on electricity markets in North America. Many of the presentations emphasized price risk in a competitive open access energy market. It was noted that deregulation is frequently associated with the creation of larger companies, higher risks and lower costs. Some of the individual topics addressed by the speakers included discussion of : (1) how underlying physical markets will work in Ontario, (2) experiences in derivative trading in the natural gas industry, (3) how to create value through multiple commodity risk management products, (4) trading with energy derivatives in the U.S. (5) how derivatives can add value for municipal electrical utilities, and (6) risk management mechanisms for energy derivative trading. refs., tabs., figs

Mature and emerging organic markets: Modelling consumer attitude and behaviour with Partial Least Square Approach

OpenAIRE

von Meyer-Höfer, Marie; von der Wense, Vera; Padilla Bravo, Carlos; Spiller, Achim

2013-01-01

Although the organic food sector has been the subject of research for around 20 years, little is known about consumer behaviour when comparing developed and emerging organic food markets using causal research models. Thus, by developing a behavioural model based on the Theory of Planned Behaviour (TPB), the aim of this research article is to investigate the main determinants of organic food consumption in a mature (Germany) and an emerging (Chile) organic market. Subjects aged 18 or above wer...

Testing Weak Form Market Efficiency for Emerging Economies: A Nonlinear Approach

OpenAIRE

Omay, Nazli C.; Karadagli, Ece C.

2010-01-01

In this paper, we address weak form stock market efficiency of Emerging Economies, by testing whether the price series of these markets contain unit root. Nonlinear behavior of stock prices is well documented in the literature, and thus linear unit root tests may not be appropriate in this case. For this purpose, we employ the nonlinear unit root test procedure recently developed by Kapetanios et al. (2003) and nonlinear panel unit root test Ucar and Omay (2009) that has a better power than s...

How Multidimensional Health Locus of Control predicts utilization of emergency and inpatient hospital services.

Science.gov (United States)

Mautner, Dawn; Peterson, Bridget; Cunningham, Amy; Ku, Bon; Scott, Kevin; LaNoue, Marianna

2017-03-01

Health locus of control may be an important predictor of health care utilization. We analyzed associations between health locus of control and frequency of emergency department visits and hospital admissions, and investigated self-rated health as a potential mediator. Overall, 863 patients in an urban emergency department completed the Multidimensional Health Locus of Control instrument, and self-reported emergency department use and hospital admissions in the last year. We found small but significant associations between Multidimensional Health Locus of Control and utilization, all of which were mediated by self-rated health. We conclude that interventions to shift health locus of control may change patients' perceptions of their own health, thereby impacting utilization.

Institutions and international investments: Evidence from China and other emerging markets

NARCIS (Netherlands)

Zhang, Y.

2011-01-01

This thesis empirically investigates the underlying factors that explain the new global trade and investment patterns. At the baseline level, three questions on the globalization process of emerging markets are addressed. First, what is the causal linkage among institutions, external trade and

Pengaruh Tingkat Adopsi IFRS dan Proteksi Investor terhadap Persistensi Laba: Analisis Lintas Negara Emerging Markets

Directory of Open Access Journals (Sweden)

Ikrima Shobriati

2016-12-01

Full Text Available Abstract. The purpose of this study is to provide empirical evidence about the effect of IFRS adoption and investor protection on earnings persistence. Based on prior studies, there are some problems that existed in the accounting practices in emerging markets such as less an accountant who have good qualifications, incomplete accounting information or inaccuracy of time in preparing financial statements, the lack of accounting data that are used for internal management incentives, the lack of legislation, auditing standards and procedure of accounting standards and this issues will can affect the quality of accounting information that reported in financial statements. So this view initiate to investigate extensively about the effect of institutional factors on earnigs persistence.This study uses panel data with 12.903 firm-year observations in emerging markets evidence from 2011 to 2013. To measure IFRS adoption uses score based on three distinctions of the type from IFRS adoption in respective countries. And then for dependent variable in this study is earnings persistence. While for the investor protection uses strength of investor protection index proxy from World Bank.The findings imply that in the context of emerging markets, IFRS adoption is not associated with future earnings persistence. While a stronger investor protection in the country significantly correlated with greater earnings persistence. Keywords: IFRS adoption, investor protection, earnings persistence, emerging markets, properties of earnings

Health Services Utilization Patterns Associated with Emergency Department Closure

DEFF Research Database (Denmark)

Hansen, Kristian Schultz; Enemark, Ulrika; Foldspang, Anders

2011-01-01

, 1997-2003. Data were extracted from administrative registries including information on individual use of emergency services and other hospital care, contact with GPs and socioeconomic background. Health services' use by the Morsø population was measured before reduction in emergency room opening hours...... of substitute health services. By contrast, Morsø women compared to the rest of Viborg county reduced their use of GP services in terms of face-to-face visits (β = -0.08, P = 0.020), telephone consultations (β = -0.11, P = 0.007), home visits (β = -0.48, P = 0.009), and their inpatient hospital utilization (β...... = -0.12, P = 0.022) during the period when emergeny services were only available in the daytime. CONCLUSIONS: Emergency services at neighbouring hospitals (40 kilometres distance) were able to compensate, in part, for the decreased local emergency service provision. Concurrent changes in health care...

A Comparative Analysis of Value at Risk Measurement on Emerging Stock Markets: Case of Montenegro

Directory of Open Access Journals (Sweden)

Cerović Julija

2015-03-01

Full Text Available Background: The concept of value at risk gives estimation of the maximum loss of financial position at a given time for a given probability. The motivation for this analysis lies in the desire to devote necessary attention to risks in Montenegro, and to approach to quantifying and managing risk more thoroughly. Objectives: This paper considers adequacy of the most recent approaches for quantifying market risk, especially of methods that are in the basis of extreme value theory, in Montenegrin emerging market before and during the global financial crisis. In particular, the purpose of the paper is to investigate whether extreme value theory outperforms econometric and quantile evaluation of VaR in emerging stock markets such as Montenegrin market. Methods/Approach: Daily return of Montenegrin stock market index MONEX20 is analyzed for the period January, 2004 - February, 2014. Value at Risk results based on GARCH models, quantile estimation and extreme value theory are compared. Results: Results of the empirical analysis show that the assessments of Value at Risk based on extreme value theory outperform econometric and quantile evaluations. Conclusions: It is obvious that econometric evaluations (ARMA(2,0- GARCH(1,1 and RiskMetrics proved to be on the lower bound of possible Value at Risk movements. Risk estimation on emerging markets can be focused on methodology using extreme value theory that is more sophisticated as it has been proven to be the most cautious model when dealing with turbulent times and financial turmoil.

TESTING CAPM MODEL ON THE EMERGING MARKETS OF THE CENTRAL AND SOUTHEASTERN EUROPE

Directory of Open Access Journals (Sweden)

Josipa Džaja

2013-02-01

Full Text Available The paper examines if the Capital Asset Pricing Model (CAPM is adequate for capital asset valuation on the Central and South-East European emerging securities markets using monthly stock returns for nine countries for the period of January 2006 to December 2010. Precisely, it is tested if beta, as the systematic risk measure, is valid on observed markets by analysing are high expected returns associated with high levels of risk, i.e. beta. Also, the efficiency of market indices of observed countries is examined.

Drug lag and key regulatory barriers in the emerging markets

Directory of Open Access Journals (Sweden)

Harriet Wileman

2010-01-01

This work concludes that the overall relative drug lag in the emerging markets has decreased over time and that there are seven key regulatory barriers which need to be targeted in order to make further improvements; ′Western Approval′, local clinical development (LCD, Certificate of Pharmaceutical Product (CPP, Good Manufacturing Practice (GMP, pricing approval, document authentication and harmonisation.

Utilizing a vanadium redox flow battery to avoid wind power deviation penalties in an electricity market

International Nuclear Information System (INIS)

Turker, Burak; Arroyo Klein, Sebastian; Komsiyska, Lidiya; Trujillo, Juan José; Bremen, Lueder von; Kühn, Martin; Busse, Matthias

2013-01-01

Highlights: • Vanadium redox flow battery utilized for wind power grid integration was studied. • Technical and financial analyses at single wind farm level were performed. • 2 MW/6 MW h VRFB is suitable for mitigating power deviations for a 10 MW wind farm. • Economic incentives might be required in the short-term until the VRFB prices drop. - Abstract: Utilizing a vanadium redox flow battery (VRFB) for better market integration of wind power at a single wind farm level was evaluated. A model which combines a VRFB unit and a medium sized (10 MW) wind farm was developed and the battery was utilized to compensate for the deviations resulting from the forecast errors in an electricity market bidding structure. VRFB software model which was introduced in our previous paper was integrated with real wind power data, power forecasts and market data based on the Spanish electricity market. Economy of the system was evaluated by financial assessments which were done by considering the VRFB costs and the amount of deviation penalty payments resulting from forecast inaccuracies

An analysis of the early-warning system in emerging markets for reducing the financial crisis

Science.gov (United States)

Shen, Xiangguang; Song, Xiaozhong

2009-07-01

The large number of financial crises in emerging markets over the past ten years has left many observers, both from academia and financial institutions, puzzled by an apparent lack of homogenous causal relations between endogenous economic variables and the bursting of large financial shocks. The frequency of financial crises in the last 20 years can be attributed to the lack of a comprehensive theory of financial regulation to guide policy makers. Existing theories fail to define the range of regulatory models, the causes of regulatory failure, and how to measure and prevent it. Faulty design of regulatory models, and the lack of ongoing performance monitoring incorporating early warning systems, is disrupting economic and social development. The main aim of this article is to propose an early warning system (EWS) which purposes issuing warning signal against the possible financial crisis in the emerging market, and makes the emerging market survived the first wave of the crisis be able to continue their operation in the following years.

A market systems analysis of the U.S. Sport Utility Vehicle market considering frontal crash safety technology and policy.

Science.gov (United States)

Hoffenson, Steven; Frischknecht, Bart D; Papalambros, Panos Y

2013-01-01

Active safety features and adjustments to the New Car Assessment Program (NCAP) consumer-information crash tests have the potential to decrease the number of serious traffic injuries each year, according to previous studies. However, literature suggests that risk reductions, particularly in the automotive market, are often accompanied by adjusted consumer risk tolerance, and so these potential safety benefits may not be fully realized due to changes in consumer purchasing or driving behavior. This article approaches safety in the new vehicle market, particularly in the Sport Utility Vehicle and Crossover Utility Vehicle segments, from a market systems perspective. Crash statistics and simulations are used to predict the effects of design and policy changes on occupant crash safety, and discrete choice experiments are conducted to estimate the values consumers place on vehicle attributes. These models are combined in a market simulation that forecasts how consumers respond to the available vehicle alternatives, resulting in predictions of the market share of each vehicle and how the change in fleet mixture influences societal outcomes including injuries, fuel consumption, and firm profits. The model is tested for a scenario where active safety features are implemented across the new vehicle fleet and a scenario where the U.S. frontal NCAP test speed is modified. While results exhibit evidence of consumer risk adjustment, they support adding active safety features and lowering the NCAP frontal test speed, as these changes are predicted to improve the welfare of both firms and society. Copyright © 2012 Elsevier Ltd. All rights reserved.

Market potential and growth areas of public utilities. Electromobility; Marktpotenzial und Wachstumsfeld fuer Energieversorger. Elektromobilitaet

Energy Technology Data Exchange (ETDEWEB)

Lueers, Thomas [Homburg und Partner, Mannheim (Germany). Kompetenzzentrum Energy/Utilities; Hanitsch, Kai [Homburg und Partner, Mannheim (Germany)

2010-11-15

The automobile industry is in full transition. All manufacturers are working on new drive concepts that meet the increasingly rigid emission specifications. Electric power is favoured as an energy source for the future, which gets public utilities interested in teh attractivity of this growing market. Accurate knowledge of the market potential generated by electromobility provides a basis for a targeted and successful marketing strategy. (orig.)

Phoenix Miracles in Emerging Markets: Recovering without Credit from Systemic Financial Crises

OpenAIRE

Guillermo A. Calvo; Alejandro Izquierdo; Ernesto Talvi

2006-01-01

Using a sample of emerging markets that are integrated into global bond markets, we analyze the collapse and recovery phase of output collapses that coincide with systemic sudden stops, defined as periods of skyrocketing aggregate bond spreads and large capital flow reversals. Our findings indicate the presence of a very similar pattern across different episodes: output recovers with virtually no recovery in either domestic or foreign credit, a phenomenon that we call Phoenix Miracle, where o...

Financial Policies and the Prevention of Financial Crises in Emerging Market Countries

OpenAIRE

Frederic S. Mishkin

2001-01-01

This paper outlines a set of financial policies that can help make financial crises less likely in emerging market countries. To justify these policies, the paper first explains what a financial crisis is, the factors that promote a financial crisis and the dynamics of a financial crisis. It then examines twelve basic areas of financial policies to prevent financial crises: 1) prudential supervision, 2) accounting and disclosure requirements, 3) legal and judicial systems, 4) market-based dis...

European utility requirements: common rules to design next LWR plants in an open electricity market

International Nuclear Information System (INIS)

Berbey, Pierre; Ingemarsson, Karl-Fredrik

2004-01-01

The major European electricity producers want to keep able to build new nuclear power plants and they believe 3. generation LWRs would be the most adapted response to their needs in the first decades of this century. Producing a common European Utility Requirement (EUR) document has been one of the basic tasks towards this objective. In this common frame, standardized and competitive LWR NPPs could be developed and offered to the investors. This idea is now well supported by all the other actors on the European electricity market: vendors, regulators, grid managers, administrations although in the competitive and unified European electricity market that is emerging, the electricity producers' stakes are more and more different from the other electricity business actors'. The next term objectives of the electricity producers involved in EUR are focused on negotiating common rules of the game together with the regulators. This covers the nuclear safety approaches, the conditions requested to connect a plant to a HV grid, as well as the design standards. Discussions are going on between the EUR organization and all the corresponding bodies to develop stabilized and predictable design rules that would meet the constraints of nuclear electricity generation in this new environment. Finally there cannot be competition without competitors. The EUR organization has proven to be the right place to establish trustful relationship between the vendors and their potential customers, through fair assessment of the proposed designs performance vs. the utility needs. This will be continued and developed with the main vendors present in Europe, so as to keep alive a list of 4 to 6 designs 'qualified', i.e. showing an acceptable score of non-compliance vs. EUR. (authors)

Emerging market business cycles revisited: learning about the trend

OpenAIRE

Boz, Emine; Daude, Christian; Durdu, C. Bora

2011-01-01

The data reveal that emerging markets do not differ from developed countries with regards to the variance of permanent TFP shocks relative to transitory. They do differ, however, in the degree of uncertainty agents face when formulating expectations. Based on these observations, we build an equilibrium business cycle model in which the agents cannot perfectly distinguish between the permanent and transitory components of TFP shocks. When formulating expectations, they assign some probability ...

Financial Development and Unemployment in Emerging Market Economies

Directory of Open Access Journals (Sweden)

Bayar Yilmaz

2016-06-01

Full Text Available Financial sector has experienced significant expansion together with accelerating financial globalization in recent years and had important positive and negative economic implications for all the economies. This study investigates the interaction among unemployment, financial development and domestic investment in 16 emerging market economies during 2001-2014 period using panel data analysis. We found that there was long relationship among the variables and domestic investment had negative impact on the unemployment, while financial development had no significant impact on the unemployment. Furthermore, there was unidirectional causality from development of financial sector to unemployment.

Shaping markets : A neoinstitutional analysis of the emerging organizational field of renewable energy in China

Energy Technology Data Exchange (ETDEWEB)

Hoeyrup Christensen, N.

2013-02-01

Today, China is the world leading investor in renewable energy. At the heart of this effort lies China's ability to shape markets through industrial policies. Through a neoinstitutional theoretical perspective this dissertation views China's efforts within renewable energy as the emergence of a new organizational field. Despite the importance of organizational fields as a key concept in the neoinstitutional literature, there is a lack of studies on exactly how they emerge. Throughout four articles this dissertation scrutinizes therefore the emergence of the field of renewable energy in China and the mechanisms driving this emergence. Firstly, the relation between state and market is examined, and it is argued that Chinese state interventions in markets, for instance through subsidies, are based in deeply rooted historic grounds. Thus, the article explains the general context in which the Party-state handles subsidized markets, like renewable energy. Secondly, the specific development of the idea of sustainable development, and how it evolves into an institutional logic of its own, is analysed. It is around this institutional logic that renewable energy emerges as a field. The key mechanism in play is the idea work of the Party state by which sustainable development is positioned in the Partystate discourse. Thirdly, subsidization of renewable energy in China is examined as an important feature of the increasing institutionalization of the organizational field. It is shown how negotiation between companies and Party-state is the vital mechanism by which subsidies are determined. Fourthly, it is analysed how the institutional entrepreneurship of one single company resulted in an official recognition of biomass power production as a source of renewable energy, and thereby an expansion of the organizational field. Again, the main mechanism was the company's idea work, through which a crucial link between biomass and sustainable development was

Financial stress in emerging markets: Patterns, real effects, and cross-country spillovers

OpenAIRE

Mikhail Stolbov; Maria Shchepeleva

2016-01-01

We extend the conventional approach to the construction of financial stress indices (FSI) for emerging economies proposed by Balakrishnan et al. (2011). Based on the principal component analysis, our index accounts for developments in the residential real estate market, adopts distinctive indicators for the banking sector and sovereign debt risks, covering the period from February 2008 to September 2015 for 14 emerging economies. The FSIs accurately capture the periods of impaired financial i...

Doing Business at the Base of the Pyramid: The Reality of Emerging Markets

Directory of Open Access Journals (Sweden)

Reuben Abraham

2012-06-01

Full Text Available The role of business has traditionally been ignored in the global debates around economic development and poverty alleviation.  The recent global success of the mobile telephony industry, and the rapid growth in emerging markets over the last two decades has, however, forced a rethink. Instead of top-down, development aid-driven strategies, more discussions now focus on providing goods and services profitably to the base of the economic pyramid (BOP, like mobile phone companies have.Research teams at the Centre for Emerging Markets Solutions (CEMS have found that while it is possible to profitably serve BOP markets, it requires some departure from strategies advocated in the traditional BOP literature. In particular, it requires addressing issues around the macro-economic and business climate of the country; mispricing of risk; entrepreneurship; and a shift of focus away from multi-national corporations to the small business sector, and the transaction costs that bedevil it.This piece also examines a few commercially sustainable business models that have worked in these markets, and investigates a few sectors that commercial capital will find highly attractive and investable. Finally, we look at how to structure and commercialize the huge business opportunities that exist in addressing the inefficiencies of BOP markets, using a combination of business model innovation (especially around reduced cost structures, research, entrepreneurship, and patient capital.

Corporate Ownership Reform and Foreign Market Entry of Emerging Market Firms

DEFF Research Database (Denmark)

Li, Ming Hua; Cui, Lin; Lu, Jiangyong

2013-01-01

an extended FSA framework incorporating the dynamics of organizational ambiguity to analyze EM firms’ internationalization behavior. We validate our model by conducting an empirical study of 973 publicly listed Chinese firms spanning 8 years from 2002-2009. The findings suggest that various types of reformed......Few studies have examined the effects of corporate ownership reform on emerging market firms’ advantages and capabilities for outward FDI. By linking the implications of such reform to the configuration of resources, organizational attributes, and strategic orientation of firms we advance...... shareholding have different effects on firms’ proclivity for outward FDI. We also find evidence of synergies and misalignments between ownership derived FSAs and other firm specific organizational features including foreign managerial experience and business group affiliation....

How do utilities respond to emergencies?

Energy Technology Data Exchange (ETDEWEB)

Fisher, B. [BC Hydro, Vancouver, BC (Canada). Distribution Vegetation Management

2006-07-01

Trees can become problematic to utilities during storms as power companies can be held liable for injuries or damage resulting from power line contact. In addition, fallen trees and branches can impact on the reliable supply of electricity. This paper outlined BC Hydro's emergency response plan with reference to vegetation management. During severe wind, snow or ice storms, vegetation coordinators and contractor crews are mobilized to assist with the removal of trees that have fallen on power lines. Circuits are prioritized according to their essential services such as hospitals, followed by areas where there are the largest numbers of customers without services. Trees accounted for 9,733 of the 18, 122 outages over the last 4.5 years in BC Hydro's distribution system alone. Estimated costs of repair for tree-caused damages were approximately $15 million. Trees can bring power lines down, break poles or cross arms, and fall across roads, blocking access to response crews. Recovery from storm damage can go on for many years following the event. Trees contacting power lines can also be a source of ignition, creating the potential for wildfires caused by line contact. Protection of the public from power line hazards is the responsibility of every utility, which is why utilities often press for adequate clearances and hazard tree removals as part of their basic programs. It was concluded that appropriate planting can be a huge factor in mitigating risks for power line contact.

The role of clean coal technologies in a deregulated rural utility market

Energy Technology Data Exchange (ETDEWEB)

Neal, J.W. [National Rural Electric Cooperative Association, Arlington, VA (United States)

1997-12-31

The nation`s rural electric cooperatives own a high proportion of coal-fired generation, in excess of 80 percent of their generating capacity. As the electric utility industry moves toward a competitive electricity market, the generation mix for electric cooperatives is expected to change. Distributed generation will likely serve more customer loads than is now the case, and that will lead to an increase in gas-fired generation capacity. But, clean low-cost central station coal-fired capacity is expected to continue to be the primary source of power for growing rural electric cooperatives. Gasification combined cycle could be the lowest cost coal based generation option in this new competitive market if both capital cost and electricity production costs can be further reduced. This paper presents anticipated utility business scenarios for the deregulated future and identifies combined cycle power plant configurations that might prove most competitive.

Crisis and the Emergence of Illicit Markets: A Pragmatist View on Economic Action outside the Law

OpenAIRE

Dewey, M.

2014-01-01

Although illicit exchange has also been an organized, silent, and ever-present response to harsh economic crisis, only protest and social movements have captured scholars’ attention. In order to fill this void, this paper analyzes the emergence of illegal markets under situations of social breakdown. I claim that an illicit market emerging under socio-economic crisis conditions might be understood as the result of a constant valuation process and the intervention of what Herbert Mead called “...

Emerging Trilingual Literacies in Rural India: Linguistic, Marketing, and Developmental Aspects

Science.gov (United States)

Bhatia, Tej K.; Ritchie, William C.

2016-01-01

This paper examines emerging forms of multilingualism and multiliteracy in rural India (where the term "literacy" is used broadly here to include digital media literacy and marketing literacy as well as literacy in the traditional sense of the knowledge of a writing system). Here forces of globalization and digital communication have…

Delivering MBA Programs in Emerging Markets: The Challenge of National Culture

Science.gov (United States)

Jones, Stephanie

2013-01-01

Increasingly, Western-style MBA programs are being delivered in emerging markets, as the developed countries become more and more saturated with MBAs and related offerings. This article, based on the global experience of the author in teaching and assessing MBA modules including thesis and dissertation research and writing, suggests approaches to…

Internationalization strategies of emerging market-based multinationals: integration of Indian ICT-ITES companies on the Dutch service outsourcing market

NARCIS (Netherlands)

Beerepoot, N.; Roodheuvel, I.

2016-01-01

This paper examines the entry of Indian information and communication technology-information technology-enabled services (ICT-ITES) companies on the Dutch service outsourcing market. Using this case study, the paper integrates two academic debates: the rise of emerging country-based multinationals

COMMUNICATION IN THE EMERGENCY SITUATIONS MANAGEMENT

Directory of Open Access Journals (Sweden)

Ovidiu Aurel GHIUȚĂ

2014-12-01

Full Text Available This paper is talking about communication use in emergency situations management from a marketing perspective. We have analyzed if this communication is different from the communication of a company with her publics; the legislation which provides the framework for this type of communication in Romania, when is applicable and who is in charge. As methodology we have utilized documentary research. We mention similarities and differences between this type of communication and Integrated Marketing Communication (IMC.

Nuclear power and the market value of the shares of electric utilities

Science.gov (United States)

Lyons, Joseph T.

The most basic principle of security valuation is that market prices are determined by investors' expectations of the firm's performance in the future. These expectations are generally understood to be related to the risk that investors will bear by holding the firm's equity. There is considerable evidence that financial statements prepared in accordance with accrual-based accounting standards consistent with Generally Accepted Accounting Principles (GAAP) have information content relevant to the establishment of market prices. In 2001, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standard No. 143, "Accounting for Asset Retirement Obligations," changing the accounting standards that must be used to prepare financial statements. This paper investigates the effect that investment in nuclear power has on the market value of electric utilities and the impact on the securities markets of the significant changes in financial statement presentation mandated by this new standard.

Utilization of the emergency room: impact of geographic distance

Directory of Open Access Journals (Sweden)

Jae Eun Lee

2007-05-01

Full Text Available The aim of this study was to estimate the distance Mississippi patients must travel to access hospital-based emergency rooms (ERs and to determine whether an association exists between geographic distance and ER utilization. To that end, great circle distances between Census Block Group Centroid Points and 89 hospitals with emergency departments were calculated for the State of Mississippi. Data on the socio-demographic characteristics of each block group came from the 2000 US Census data. Logistic regression analyses were conducted to test if there was any association between ER utilization and travel distance. Compared to the national benchmark of 35.7%, more than one in two (56.7%, or 1,612,762 Mississippians visited ERs in 2003 with an estimated 6.1 miles per person annual travel for this purpose. The majority of the target population (54.9% was found to live within 5 miles of hospitals with ERs. Logistic analyses revealed that block groups associated with less miles traveled to hospitals with ERs had a higher proportion of African Americans, impoverished people, female householders, people with more than 12 years education, people older than 65 years, people with high median house values, and people without employment. Twenty-nine of the 89 hospitals (33% providing ER care in Mississippi were found to be in areas with above-average ER utilization rates. These hospitals served a smaller geographical area (28% of the total but had a greater proportion of visitors (57% and served a higher percentage (37% of the state population. People in areas served by the less utilized ERs traveled more miles to be cared for (7.1 miles vs 5.4 miles; p<0.0001. Logistic regression analysis revealed that shorter distances were associated with increased use of the ERs, even after controlling for socio-demographic factors. The conclusion is that Mississippi ERs are typically located in block groups with higher percentages of disadvantaged residents and that

Adolescents’ Knowledge, Attitude and Utilization of Emergency Contraceptive Pills in Nigeria’s Niger Delta Region

Science.gov (United States)

Onasoga, Olayinka A.; Afolayan, Joel Adeleke; Asamabiriowei, Tariebi Florence; Jibril, Umar Nda; Imam, Abubakar Ayinla

2016-01-01

Background and Objective: Risky sexual activity among adolescents is on the increase and contraceptive prevalence rate is low which is evidenced by high rate of teenage pregnancy in Bayelsa state, Nigeria. This study assesses the adolescents’ knowledge, attitude and utilization of emergency contraceptive pills (ECP) in Amassoma Community, Bayelsa State, in the Niger Delta region of Nigeria. Methods: The study was a descriptive cross-sectional research design. A purposive sampling technique was used to select a sample of 220 respondents from the target population. Data were collected using a self-structured questionnaire. Descriptive and inferential statistics were used to analyze the data generated. Results: Majority of the respondents had high level of knowledge and positive attitude towards emergency contraceptive pills but had low level of utilization. Concerns about what others may say, parental attitude, contraceptive availability, contraceptive accessibility, and peer influences were the major factors that influenced the utilization of contraceptive pills. There was no significant relationship between knowledge and utilization of emergency contraceptive pills, as well as level of knowledge and their utilization of emergency contraceptive pills. Conclusions and Global Health Implications: Adolescents in the study were more likely to use emergency contraceptive pills, if parents and others reaction to adolescents’ contraceptive use were positive about those. Health care professionals, especially nurses, should organize enlightenment programs to educate adolescents, parents and the public on the benefits of adolescents’ contraceptives use, especially ECP. PMID:28058193

Community emergency department utilization following a natural disaster (the Goderich Tornado).

Science.gov (United States)

Appavoo, Samuel D; Khemlin, Alexander; Appavoo, Donna M; Flynn, Candi J

2016-01-01

On 21 August 2011 an F3 tornado hit the Canadian town of Goderich, Ontario, leaving 40 people injured and one dead. Specific medium-term changes in utilization of health care following a disaster have not been analyzed in medical literature. Documenting the emergency department utilization through this subacute period would be helpful to enable institutions and healthcare practitioners to be better prepared for future events. A medical chart review was conducted at the Alexandra Marine and General Hospital in Goderich. All emergency department visits made during the 30 days after the Tornado in 2011 (intervention group), 30 days prior to the tornado in 2011 (primary control group), and during the similar calendar period of 30 days after the tornado in 2010 (seasonal control group) were reviewed. Medical diagnoses of all patients who presented at the emergency department were collected and compared. Fewer people presented to the emergency department following the tornado than during the control periods, and those who did were significantly older than those who presented in the control periods (pptornado in a rural Ontario community. This information serves to inform the medical community and other hospitals how to increase their level of preparedness should a comparable disaster occur again in the future.

The emerging petrocoke market

International Nuclear Information System (INIS)

Dymond, R.

1999-01-01

This article focuses on the growing acceptance of petroleum coke as a fuel, and examines the marketing of the coke, world and US production of petroleum coke, its properties and quality, and its contamination by sulphur and trace metals. Details are given of the use of the coke as a carbon source and also as a solid fuel, export markets, and current market trends . Tables illustrating the world production of petrocoke by region, typical end-uses, and planned/announced capacity additions are provided as well as charts indicating the world profile for petroleum coke

The Market for Academic Knowledge: Its Historical Emergence and Inherent Tensions

Science.gov (United States)

Weik, Elke

2014-01-01

This paper contributes to the discussion about the marketisation of universities by providing a historical perspective. Going back to the time when the market for academic knowledge emerged, I argue that it was created through incorporating a number of inherent tensions that have been, and still are, shaping its development. I show how these…

The Impact of Viral Marketing Through Social Media on BCD's Consumer Brand Knowledge

OpenAIRE

Kusumadjaja, Levina

2014-01-01

Due to the continous increase in viral marketing's popularity phenomenon that causes viral marketing to later become a strategic requirement for marketers worldwide, a necessity to assess the effectiveness of viral marketing in achieveing its objectives in leveraging brand and products has emerged. This research was accomplished to study the impact of viral marketing through social media on consumer brand knowledge of a franchised Taiwanese bubble tea company, BCD. The company utilizes viral...

Co-Location versus Disintegration of Manufacturing and R&D in Emerging Markets

DEFF Research Database (Denmark)

Søberg, Peder Veng; Wæhrens, Brian Vejrum

2012-01-01

The paper investigates what makes it more or less relevant to co-locate manufacturing activities and R&D activities in emerging markets within multinational companies. A framework to this end is developed and illustrated in relation to four cases from multinational companies, which have established...

Corporate governance, corporate finance and stock markets in emerging countries

OpenAIRE

Singh, Ajit

2003-01-01

This paper focuses on the inter-relationship between corporate governance, financing of corporate growth and stock market development in emerging countries. It explores both theoretically and empirically the nature of the inter-relationships between these phenomena, as well their implications for economic policy. It concentrates on how corporate growth is financed, an area where the literature has identified important anomalies in relation to corporate behaviour and governance. The paper prov...

The Inefficient Use of Macroeconomic Information in Analysts' Earnings Forecasts in Emerging Markets

NARCIS (Netherlands)

G.J. de Zwart (Gerben); D.J.C. van Dijk (Dick)

2008-01-01

textabstractThis paper presents empirical evidence that security analysts do not efficiently use publicly available macroeconomic information in their earnings forecasts for emerging market stocks. Analysts completely ignore forecasts on political stability, while these provide valuable information

Performance of sustainable investments : a comparison of sustainable and conventional mutual funds in emerging markets

OpenAIRE

Christensson, Lars Stefan Bjerke; Skagestad, Ole Jakob

2017-01-01

This thesis compares the performance and risk factor exposure of sustainable and conventional mutual funds in emerging markets from January 2012 to July 2017. We use the latest sustainability ratings provided by Morningstar to define sustainable funds, and apply CAPM, Fama-French and Carhart models to control for the market, size, book-to-market and momentum factors. Additionally, we add a dummy to compare the risk-adjusted returns of the funds, and examine if the difference is...

Competitive business and marketing strategies for utilities: how to thrive in a deregulated energy marketplace

Energy Technology Data Exchange (ETDEWEB)

NONE

1999-07-01

Materials submitted by the speakers at this seminar on marketing strategies for electric utilities are contained in this binder. A dozen papers were presented, discussing topics ranging from advice to retail customers on how to find their way through the existing mire of legislation, codes and licenses, through tips and suggestions to utilities on capturing customers who fail to choose a provider, understanding performance-based regulation, developing innovative pricing strategies, using customer profiling and market segmentation techniques to identify and target different customer groups, bundling services to add value, creating branding strategies to achieve product differentiation and the impact of metering technology development on retail business. In most instances no complete text, only viewgraphs are available. Two half-day workshops, one on investing in a new product or service, the other on market uncertainties, and risks and rewards facing energy distributors, were also held under the auspices of the conference.

On how access to an insurance market affects investments in safety measures, based on the expected utility theory

International Nuclear Information System (INIS)

Bjorheim Abrahamsen, Eirik; Asche, Frank

2011-01-01

This paper focuses on how access to an insurance market should influence investments in safety measures in accordance with the ruling paradigm for decision-making under uncertainty-the expected utility theory. We show that access to an insurance market in most situations will influence investments in safety measures. For an expected utility maximizer, an overinvestment in safety measures is likely if access to an insurance market is ignored, while an underinvestment in safety measures is likely if insurance is purchased without paying attention to the possibility for reducing the probability and/or consequences of an accidental event by safety measures.

A Qualitative Inquiry into the formation of Generational Cohorts: a Case of an Emerging Market

Directory of Open Access Journals (Sweden)

Hiram Ting

2015-01-01

Full Text Available This study use sociological theories of generations to identify generational cohorts for market segmentation. These theories are predominantly used in the West, hence little is known about their relevance in emerging markets, such as Malaysia. Past studies have mostly borrowed cohort labels from that of the U.S. sources, and assumed that their characteristics can be construed in the Malaysian context. Given the exploratory nature of the study, a qualitative approach by means of personal interview was conducted to identify the actual cohorts in Sarawak, a state in Malaysia. Specifically, major societal and historical events that Sarawakians could overtly recall due to their attachment to them during formative years were elicited. Accordingly forty-eight interviews were recorded, transcribed and content-analysed. Five cohorts were identified, and they were different from that of the U.S. sources. They were subsequently labelled as Neoteric-inheritors, Prospective-pursuers, Social-strivers, Idealistic-strugglers and Battling-lifers based on their collective experience of the events. The results show the relevance of theories of generations for market segmentation in emerging market.

Utility reconnection services : a new threat to vulnerable consumers?

International Nuclear Information System (INIS)

Lott, S.

2002-10-01

The current status of deregulation or restructuring of the energy and telecommunications sector in Canada and the United States was examined along with its impact on low-income consumers. In particular, this report examined the electricity, natural gas and telephone utilities and the extent to which reconnection services have emerged in Canada. With deregulation and utility restructuring, investment and pricing decisions are made according to market forces and competition. The core functions of the utility are unbundled into generation, transmission and distribution functions. The main impact on residential consumers is that their source of supply may change. This report also examined the regulatory responses to utility reconnection services and the impact of market segmentation in the energy sector. It focused on Canada's legislative framework that protects vulnerable consumers. It also examined the federal regulatory role in energy and telecommunications, siting Ontario as an example. It was noted that the experience in the United States with market segmentation and its negative impact on vulnerable consumers should provide some warnings for Canada. 75 refs

Swedish market entry strategy utilizing Internet marketing: the utilization of Internet marketing in a cost effective and efficient way to market a virtual world

OpenAIRE

Möller, Per

2010-01-01

The purpose of this thesis is to review published literature both printed and electronic on the subject of Internet marketing. This will aid to provide guidance on how a newly started virtual world company would be able to conduct as cost effective and efficient Internet marketing as possible with focus on entering the Swedish market. The theory part of the thesis will review the most relevant technologies and marketing concepts for the commissioner of this work. The empirical part of the the...

CURRENT ASSET TUNNELING AND FIRM PERFORMANCE IN AN EMERGING MARKET

Directory of Open Access Journals (Sweden)

Ratna Candra Sari

2014-12-01

Full Text Available This study examines the effect of current asset tunneling on firm performance from the emerging market perspective. Although tunneling activities is a common practices by businesses especially in Indonesia, there exist obstacles in the measurement of tunneling activity because it is difficult to proof the existence of such practices. In this study, we measure tunneling by using accounts receivables and develop tunneling detection criteria. In addition, this study examines the effect of tunneling on firm performance and market reaction during the announcement of the related party transaction. The study finds that from the perspective of the being-tunneled companies, receivables to related parties negatively affect the company’s profit margin. Companies which announce related party transaction indicating tunneling obtain negative abnormal return during the announcement of the related party transaction.

Financial Sector Regulation and Reforms in Emerging Markets: An Overview

OpenAIRE

Eswar S. Prasad

2010-01-01

This paper provides an overview of the complex conceptual and practical challenges that emerging market economies face as they attempt to reform their frameworks for financial regulation. These economies are striving to balance the quest for financial stability with the imperatives of financial development and broader financial inclusion. I argue that these objectives can in fact reinforce one another. I also discuss aspects of macroeconomic policies and cross-border regulation that have impl...

CURRENT ASSET TUNNELING AND FIRM PERFORMANCE IN AN EMERGING MARKET

OpenAIRE

Ratna Candra Sari; Zaki Baridwan

2014-01-01

This study examines the effect of current asset tunneling on firm performance from the emerging market perspective. Although tunneling activities is a common practices by businesses especially in Indonesia, there exist obstacles in the measurement of tunneling activity because it is difficult to proof the existence of such practices. In this study, we measure tunneling by using accounts receivables and develop tunneling detection criteria. In addition, this study examines the effect of tunnel...

An analysis of the macroeconomic conditions required for SME lending: Evidence from Turkey and other emerging market countries

OpenAIRE

Jenkins Hatice; Hossain Monir

2017-01-01

Providing small and medium enterprises (SMEs) with access to external finance has been a major concern for many governments and international organizations for three decades. In recent years the experiences of emerging market countries suggest that a paradigm shift is taking place in SME finance. Particularly in fast-growing emerging market countries such as Turkey, banks are increasingly targeting SMEs as a new line of banking business. This research analy...

ORGANIC FOOD AS AN EMERGING MARKET: PERSONAL DETERMINANTS OF CONSUMPTION, SUPPLY GOVERNANCE AND RETAIL STRATEGIES

OpenAIRE

Aertsens, Joris

2011-01-01

The literature and my own empirical research indicate that most consumers hold a positive attitude towards organic food and agree that there are good reasons to motivate the purchase and consumption of organic products. However organic consumption remains very limited -with a market share, for organic food, of only 3.4% in 2008 in Germany, the largest European market. This study sheds more light on the factors influencing (slowing down) growth in the emerging organic market, both on the c...

Which currency exchange regime for emerging markets?: Corner solutions under question

Directory of Open Access Journals (Sweden)

Allegret Jean-Pierre

2007-01-01

Full Text Available During the 90s, recurrent exchange rate crises in emerging markets have shown the extreme fragility of soft pegs, the so-called intermediate exchange rate regimes. As a result, numerous academic economists but also International institutions have promoted a new consensus: domestic authorities have to choose their exchange rate regime between only two solutions called corner solutions or extreme regimes: hard pegs or independent floating. This paper questions de relevance of this consensus. We stress the main advantages and costs of each corner solution. We conclude by stressing that intermediate regimes associated to an inflation targeting framework seem a better solution for emerging countries than corner solutions.

Estimating Short run and Long run Coefficients of Fundamentals Factors with Growth and Momentum Factor: Evidence from Emerging Markets

Directory of Open Access Journals (Sweden)

Adnan Shoaib

2016-12-01

Full Text Available This study examines the long term relationship of risk premium and fundamental factors in emerging stock markets of China, India and Pakistan keeping in view leading contribution of Fama and French (1992 and Carhart (1997 models. Contrary to the macroeconomic multifactor models, this study incorporates firm-specific risk factors related to the market premium; size (SMB, value (HML, momentum (WML and growth (UMD as determinants of risk premium. The firm-specific growth factor is incorporated based on evidence from Ho, Strange, and Piesse (2008 by employing (UMD which is based on assets to market equity of the firm. Sample of 1198 companies from the three emerging markets for the period of 2001-2013 depicts market risk premium as the leading factor affecting risk premium in Indian and the Pakistani markets. Results reveal market momentum being high enough to overestimate coefficients in the short run. However, the relationship is stabilized and adjusted in the long run. Chinese markets, where all the risk factors seem to play their role to determine risk premium, are relatively much stable and grown-up and clearly represent maturity of the Chinese markets. Distinction between the short run and long run might be useful for the investors of the three emerging economies. According to the principle of high risk associated with high returns, small value happens to deliver higher returns with higher volatility. The growth stocks outperform value stocks in these economies.

Outlook for electricity markets 2005-2006 : an energy market assessment

International Nuclear Information System (INIS)

2005-06-01

The National Energy Board monitors the supply of electricity as well as its demand in both domestic and export markets. This document was produced in response to a survey with power generation, transmission and distribution companies, marketers, end-users, environmental groups and government agencies who demonstrated the need for more short-and medium-term energy market assessments to supplement the Board's longer term energy analysis. It on the short-term (2005-2006) issues that can have a long-term effect on the electricity sector. The document presents an analysis of Canadian electricity markets with particular focus on the main drivers affecting current trends in generation, demand, prices, infrastructure additions, and inter-regional and international trade. Current restructuring activities in Canada's electricity industry were also described along with the close relationship between the electricity sectors in Canada and the United States which stems from the integrated nature of the North American power grid. A regional market assessment and a summary was provided for each of Canada's provinces and territories with reference to market structure and current market developments. It was revealed that Canada's electricity markets have developed along provincial or regional boundaries. Utilities have tried to provide adequate and reliable electricity supply, environmental sustainability and acceptable electricity prices. It was concluded that supply is adequate in all regions in the short-term, but tight supply conditions could emerge as early as 2007. Alternative and renewable resource and demand management are becoming more important in addressing air quality issues and supply adequacy. Since uncertainty may delay investment and development of new infrastructure, utilities may be forced to increase electricity prices. It was suggested that interprovincial energy transfers should be further explored. Five recommendations were presented to address the key

Assessing the value of E-Businesses in emerging markets: Spotlight on Romania

NARCIS (Netherlands)

Mazurencu-Marinescu, M.; Nijkamp, P.

2008-01-01

The e-bubble of 2000 was followed by a slowdown from 2001 to 2003, but recently the markets are e-bubbling again, especially the emerging ones in growing economies. An increasing number of transactions with e-businesses appears to occur which prompts the need for valuing the firms involved and for

Target-oriented marketing. Marketing in public gas utilities

Energy Technology Data Exchange (ETDEWEB)

Hebestreit, B [Stadtwerke Nienburg (Germany, F.R.); Symank, R [Gewerkschaften Brigitta und Elwerath Betriebsfuehrungsgesellschaft m.b.H., Hannover (Germany, F.R.)

1979-01-01

As natural gas supply and its planning are long-term matters, it is necessary to show already today the effects of the development and of the change in the structures of the energy market and to prepare necessary measures. A market research model is introduced which gives supply companies the possibility to plan sales, investments and organization in detail and to realise these by sales promotional measures.

BUILDING LEADERSHIP CAPACITY OF AN EMERGING GOAT INDUSTRY

Directory of Open Access Journals (Sweden)

Larry A. Nye

2009-06-01

Full Text Available Abstract Leadership development has been a primary objective of Extension educators directing Ohio Meat Goat Task Force efforts. Producer members have been instrumental in the formation of the Ohio Meat Goat Marketing Alliance. This group has developed by-laws and articles of incorporation for the purpose of promoting and marketing commercial meat goat producers in Ohio. Nationwide market centers have been accessed through the establishment of graded pool sales. Cooperation between producer networks, industry, and the Department of Agriculture were responsible for establishing a certified livestock grader position. Producers have enhanced the effectiveness of their efforts by partnering with agencies such as the Ohio Cooperative Development Center, Somalia and East African Organization, Jewish Family Services and Institute for Social and Economic Development. Extension educators have developed the Ohio Meat Goat Production and Budgeting Fact Sheet as a guide for establishing this value added enterprise. Extension has designed and conducted regional workshops, seminars, and on-farm tours to transfer knowledge to over 2100 participants. Education, production, and marketing topics are discussed in the Buckeye Meat Goat Newsletter. The website http://www.ohiomarketgoat.com has been developed to enhance the exchange of production and marketing information. The task force has received $63,000 in Research and Extension grants to conduct on going feasibility studies of ethnic markets, Ohio’s processing infrastructure, and development of farmer/consumer cooperatives. On-farm meat goat research encompasses breed comparisons, forage utilization, and developing benchmark data. Progress continues in the ability to market fresh and safe chevon products directly to emerging ethnic and faith based consumer populations to capture the most value. This task force is taking a unique approach to building industry infrastructure by utilizing a social approach

Emergency management in the Swedish electricity market: The need to challenge the responsibility gap

International Nuclear Information System (INIS)

Palm, Jenny

2008-01-01

A secure energy supply is a basic need of society. Along with electricity market deregulation, a responsibility gap has arisen, where private energy companies lack economic incentives to invest in an electricity distribution grid that is secured to the level desired by society. This article discusses the emergency management strategies of municipal authorities for securing the electricity supply, according to a networked, or 'governance', control and direction structure, and how this influences the relationship between electricity companies and Swedish municipalities. The Swedish electricity system has traditionally developed in a monopoly context. Since electricity market deregulation, the responsibility for electricity supply security has become unclear; field studies of Swedish municipalities indicate that all actors still seem to be seeking to find their proper roles in the deregulated market. Municipalities still expect to exercise influence over private energy company decisions regarding prioritization of emergency power deliveries. Energy companies vacillate between emphasizing their need to regard economic factors and their sense of responsibility for providing a secure electricity supply to vital municipal functions (even though municipalities may lack contracts specifying this)

On the Importance of Mutual Fund Families in Emerging Markets

OpenAIRE

Ekholm, Anders; Pasternack, Daniel; Sandvall, Thomas

2000-01-01

This study contributes to the mutual fund literature by looking at performance persistence on a fund family level, allowing for individual equity, bond and balanced funds to be included under single family umbrellas. The study is conducted on the emerging Finnish mutual fund market, an environment in which the importance of superior fund family teams is likely to be accentuated. Using both non–parametric and parametric tests we find robust evidence of performance persistence for the fund fami...

Market-Oriented Cloud Computing: Vision, Hype, and Reality for Delivering IT Services as Computing Utilities

OpenAIRE

Buyya, Rajkumar; Yeo, Chee Shin; Venugopal, Srikumar

2008-01-01

This keynote paper: presents a 21st century vision of computing; identifies various computing paradigms promising to deliver the vision of computing utilities; defines Cloud computing and provides the architecture for creating market-oriented Clouds by leveraging technologies such as VMs; provides thoughts on market-based resource management strategies that encompass both customer-driven service management and computational risk management to sustain SLA-oriented resource allocation; presents...

Tweak, adapt, or transform: Policy scenarios in response to emerging bioenergy markets in the U.S

Science.gov (United States)

Ryan. C. Atwell; Lisa. A. Schulte; Lynne M. Westphal

2011-01-01

Emerging bioenergy markets portend both boon and bane for regions of intensive agricultural production worldwide. To understand and guide the effects of bioenergy markets on agricultural landscapes, communities, and economies, we engaged leaders in the Corn Belt state of Iowa in a participatory workshop and follow-up interviews to develop future policy scenarios....

Private Sector Investments from Small States in Emerging Markets: Can International Financial Institutions Help Handle the Risks?

Directory of Open Access Journals (Sweden)

Hilmar Þór Hilmarsson

2008-12-01

Full Text Available The private sector plays an important role in the economic reconstruction of emerging market economies, and international financial institutions (IFIs increasingly work in partnership with the private sector to increase economic growth and reduce poverty in those economies. IFIs, for example, offer: (i equity financing and/or loans for private sector projects, (ii investment guarantees against political risks (or non-commercial risks, (iii technical assistance, and (iv advisory services, etc. This article will briefly discuss the services that IFIs offer the private sector in emerging markets and cases in which these services could be useful for Icelandic companies. The institutions discussed are (i the World Bank Group, (ii the European Bank for Reconstruction and Development (EBRD, (iii the Asian Development Bank (AsDB, (iv the Inter-American Development Bank (IDB, and (v the African Development Bank (AfDB. A few Icelandic firms already have plans for relatively large projects in emerging market economies, especially in the energy sector, some of them in countries that could be classified as being risky. The ongoing economic crisis in Iceland will make project financing in emerging markets more problematic than before and therefore investments in partnership with international financial institutions could be an option that Icelandic firms will increasingly need to consider if they intend to invest abroad. However, increased private sector and IFI partnerships will not happen without government action. Iceland is a member of only two of the above-mentioned IFIs: the World Bank Group and the EBRD. The decision for Iceland to become member of the AsDB, IDB and AfDB rests solely with the government. Further government inaction in this area could become an impediment for foreign direct investment from Iceland to emerging markets and increase risks when the Icelandic private sector invests in those economies. Unnecessary risks might not only hurt

Exploring the Interface between Foreign Invested Manufacturing and R&D in Emerging Markets

DEFF Research Database (Denmark)

Søberg, Peder Veng; Wæhrens, Brian Vejrum

2011-01-01

The paper investigates what makes it more or less relevant to co-locate manufacturing activities and R&D activities in emerging markets within multinational companies. A framework to this end is developed and illustrated in relation to four cases from multinational companies, which have established...

Value Branding in Emerging Markets as a Social Dimension in the Indian Context

DEFF Research Database (Denmark)

Kumar, S. Ramesh; Marinova, Svetla Trifonova

2017-01-01

This chapter attempts to analyze and suggest new ways of adapting branding techniques to the emerging Indian environment, one, which has glaring inequalities in terms of need fulfillment among consumers. The chapter uses marketing examples from the Indian context to reflect the need for value...

Globalization and Institutional Change : Are Emerging Market Economies in Europe and Asia Converging?

NARCIS (Netherlands)

Hoen, Herman W.

2014-01-01

It is often stated that globalization leads to a smaller world by institutional convergence. Politico-economic orders become alike across the world. The article analyzes institutional change triggered by the global financial crisis of 2008/2009 and compares developments in emerging markets in Europe

Globalization of the art market [emerging art markets

NARCIS (Netherlands)

Velthuis, O.

2015-01-01

Since the 1980s art markets have developed rapidly outside of Europe and the USA. In the so-called BRIC countries (Brazil, Russia, India, and China) this development has been particularly dynamic. With aggregate sales estimated at €11.5 billion, China is the second largest market for art and

Effective Stock Selection and Portfolio Construction Within US, International, and Emerging Markets

Directory of Open Access Journals (Sweden)

Bijan Beheshti

2018-05-01

Full Text Available In this paper, we explore the ex-post attributes of 120 simulated portfolios across the U.S., International, and Emerging Markets. We estimate expected returns using a given global stock selection model employing Global Equity Rating (GLER and Consensus Temporary Earnings Forecasting (CTEF signals. Our portfolios are constructed under the Markowitz optimization framework and constrained at various tracking error levels. Further, an alpha alignment factor is applied to aid in portfolio construction. As a result of our research, we present the reader with three key findings. First, GLER and CTEF signals employed as the primary inputs to security selection result in portfolios with superior risk adjusted returns relative to the Russell 3000, MSCI AC World ex. US, and MSCI Emerging Markets benchmarks which they are measured against. Second, expanding the investment universe outside the U.S. increases the opportunity set yielding higher risk adjusted performance. Third, the incorporation of an alpha alignment factor within the portfolio construction process improves risk forecasts resulting in ex-post tracking error aligning more closely to ex-ante, and ultimately improving information ratios.

Impediments to markets for SO2 emission allowances

International Nuclear Information System (INIS)

Walsh, M.; Ramesh, V.C.; Ghosh, K.

1996-01-01

The Clean Air Act (CAA) of 1990 imposed tighter limits on allowed emissions from electric utilities. The CAA also introduced an innovative SO 2 market mechanism to help lower the cost of compliance. The annual Environmental Protection Agency (EPA) auctions of emission allowances intended to help usher in the market mechanisms for trading allowances. In that respect, the results have been mixed. A full fledged market for emission allowances has been slow to emerge. Starting with a detailed study of the EPA auctions to date, this paper analyzes and discusses some of the reasons for this slow development

Markets: green utilities

International Nuclear Information System (INIS)

Wood, Elisa

2006-01-01

Publicly owned utilities have consistently led the United States in the rate of customer participation in green power programmes. The US has about 2000 community and state-owned utilities, which serve 43 million customers and account for about 16.6% of kilowatt-hour sales to consumers. In all, public power is responsible for about 10% of the nation's installed electric capacity. Investor owned utilities account for 39%, with the remainder of the nation's power mostly from independent power generators. Although IOUs have almost four times as much electric capacity as public power, they edge out public power by only a small margin when it comes to renewable capacity. IOUs are responsible for 24,577.5 MW of renewable capacity, compared to the 21,338 MW installed by public power. The reasons discussed by the author range from small town advantage to clean and cheap power. (Author)

Aspects of capital budgeting decision-making process of emerging markets transnational corporations

OpenAIRE

Alieva, D.

2012-01-01

Considers present-day aspects of capital budgeting decision-making in investment projects by transnational corporations (TNCs) in emerging markets. Discusses peculiarities of cash flows of TNC mother and project companies which influence the decision-making in project investment. A number of effective valuation techniques for multicurrency projects has been proposed, taking into account adjustments for various factors.

Structural evolution of utility systems and its implications for photovoltaic applications

International Nuclear Information System (INIS)

Iannucci, J.J.; Shugar, D.S.

1993-01-01

Photovoltaics (PV) differ substantially from the central generating stations traditionally employed by utilities. PV utilizes a fuel which disappears nightly, operating only while the sun shines. It has the potential of being highly reliable while requiring low levels of operating and maintenance attention, and it can be deployed in a highly modular fashion close to load. It is precisely these differences that give rise to PV's greatest opportunities in successfully entering the utility market. The purpose of this paper is to explore an emerging utility paradigm, the Distributed Utility concept, and how utilities might change their current planning and resource selection processes to take advantage of it, both to the betterment of the PV industry and the utility's customers. Out of this exploration emerges the photovoltaics Diffusion Model strategy that bridges the gap from currently economic stand-alone special applications of PV in utility operations to bulk power production. (author). 12 refs, 5 figs

Information risk in emerging utility markets: The role of commission- sponsored audits

Energy Technology Data Exchange (ETDEWEB)

Wirick, D.W.; Lawton, R.W.; Burns, R.E.; Lee, S.

1996-03-01

As public utilities and regulators begin to define their new relationship under various forms of regulations, some have questioned the continuing need for commission-sponsored audits. This study evaluates the role of such audits by examining their core purpose: the reduction of information risk (risk that a commission might make a wrong decision because of reliance on faulty information). It identifies five generic types of information that will be needed by commissions in the future and describes a cost-benefit analysis for identifying the appropriate method for mitigating information risk for state regulatory commissions.

Incentives for new antibiotics: the Options Market for Antibiotics (OMA) model

OpenAIRE

Brogan, David M; Mossialos, Elias

2013-01-01

Background Antimicrobial resistance is a growing threat resulting from the convergence of biological, economic and political pressures. Investment in research and development of new antimicrobials has suffered secondary to these pressures, leading to an emerging crisis in antibiotic resistance. Methods Current policies to stimulate antibiotic development have proven inadequate to overcome market failures. Therefore innovative ideas utilizing market forces are necessary to stimulate new invest...

Fairness Is an Emergent Self-Organized Property of the Free Market for Labor

Directory of Open Access Journals (Sweden)

Venkat Venkatasubramanian

2010-06-01

Full Text Available The excessive compensation packages of CEOs of U.S. corporations in recent years have brought to the foreground the issue of fairness in economics. The conventional wisdom is that the free market for labor, which determines the pay packages, cares only about efficiency and not fairness. We present an alternative theory that shows that an ideal free market environment also promotes fairness, as an emergent property resulting from the self-organizing market dynamics. Even though an individual employee may care only about his or her salary and no one else’s, the collective actions of all the employees, combined with the profit maximizing actions of all the companies, in a free market environment under budgetary constraints, lead towards a more fair allocation of wages, guided by Adam Smith’s invisible hand of self-organization. By exploring deep connections with statistical thermodynamics, we show that entropy is the appropriate measure of fairness in a free market environment which is maximized at equilibrium to yield the lognormal distribution of salaries as the fairest inequality of pay in an organization under ideal conditions.

Financialization at the international level: evidence from emerging market economies

Directory of Open Access Journals (Sweden)

Raquel A. Ramos

Full Text Available Abstract The paper focuses on the manifestations of financialization in the international sphere, which it defines as the increasing magnitude of finance and its decoupling from earlier functions and logic as the speculative motive is strengthened. With financialization the motive of finance is no longer to finance trade and production but to accumulate wealth, which in emerging market economies (EMEs takes place through innovative products and practices that have in common the focus on exchange rate returns, resulting in a strengthened speculative motive. The article reviews the financialization literature highlighting how the different closed-economy aspects impact the international sphere. It conducts empirical analyses based on the financial integration of a country and on the characteristics of its currencies’ FX markets to assess the presence of financialization and its characteristics among EMEs, indicating certain countries where this process is more intense.

U.S. Banking Deregulation and Emerging Market Loans: Potential Links and Evidence, 1984~2005

Directory of Open Access Journals (Sweden)

Hyun Koo Cho

2010-06-01

Full Text Available How did the deregulation of U.S. bank activities affect the patterns of cross-border lending to emerging economies? Unlike bank lending from Europe or Japan, U.S. bank lending to emerging economies exhibited increasing volatility over time. Using U.S. cross-border bank exposure data, this study identifies a temporal association between important deregulation initiatives and the volatility of U.S. bank emerging market lending. This association is explained by the linkages between an important outcome of bank deregulation－earnings volatility from diversified bank activities－and the rising volatility. Together, it argues that U.S. banking deregulation had unanticipated effects of exacerbating the volatility of bank lending to emerging economies.

Modeling market power in Korea's emerging power market

International Nuclear Information System (INIS)

Ahn, Nam-sung; Niemeyer, Victor

2007-01-01

The Korean power market is being formed from the unbundled generation, transmission and distribution assets of Korea Electric Power Corporation. The KEPCO generation has been allocated to six independent gencos with a combined generating capacity of 46,629 MW in 2002. This gave an 11% margin over the peak load that year (41,921 MW). One of the concerns for any power market is whether individual participants can increase profits (and prices) by withholding generation from the market. To address this concern, a Cournot-based model of Korean power system was created and applied to a set of loads representing the load duration curve for Korea's system loads in 2002. Our simulation results show a strong possibility for exercise of market power to increase market price in Korean market. Under tight market conditions, even 1 GW of withholding can cause a large increase in market price. If loads unexpectedly grow faster than the 5% recent experience, the gencos will have the collective ability and incentive to spike prices further. Vesting contracts can reduce the incentive to act strategically. Requiring that the gencos offer 50% of their capacity in long-term forward contracts greatly reduces the payoff to act strategically, and requiring vesting for 75% of their capacity results in prices that are essentially the same as the competitive equilibrium. Depending on the price for the vesting contracts, this policy can reduce the incentives to add new generation by gencos or the competitive fringe. Another approach to reducing the effects of market power is establishing demand-response programs, simulated here by increasing the elasticity of overall demand. These programs can reduce the incentives to withhold capacity, but to a lesser degree than vesting contracts. The genco with the greatest ability to influence prices through withholding is the largest, KNHP. However, acting on its own, without the support of the other gencos, its ability to raise prices is limited. This

Collaborative market approaches to stimulate sustained renewable energy deployment

International Nuclear Information System (INIS)

Weissman, J.M.

1996-01-01

New market opportunities for renewable energy technologies are emerging in response to lower costs, greater possibilities for distributed products and services, strong customer preference for cleaner electricity, and the anticipation of deregulation of the electric power industry. In response, a series of innovative programs and market-based mechanisms are supporting accelerated, commercialization efforts. This paper reviews two different but complementary national collaborative initiatives. The PV-COMPACT, through its major program components, focuses on a number of market mechanisms and policy tools that support sustainable deployment of photovoltaic (PV) systems for utility markets. The Workshop In A Box Program, a collaborative effort managed by the Interstate Renewable Energy Council, supplies the right information to key state government agencies to assist them in evaluating decisions to purchase renewable energy products. This paper also addresses how distributed applications can open new markets for renewable energy systems including the evolution of customer choice programs like green pricing. The programs discussed in this paper demonstrate that no singular mechanism drives new and sustainable markets: it is the symbiotic relationship among many innovative and enterprising efforts and investments that leads to emerging renewable energy markets

E-Commerce as an instrument of governing SMEs’ marketing strategy in an emerging economy

OpenAIRE

Lawrence Mpele Lekhanya

2016-01-01

The purpose of this paper is to report on the use of e-commerce an instrument of governing SMEs’ marketing strategy in an emerging economy. The study aimed to assess and critically discuss various factors influencing the use of e-commerce as an instrument of governing SMEs marketing strategy and identify the extent to which SMEs owners/managers perceived e-commerce to be important to their businesses survival and growth. A mixed method approach allowed for qualitative and quantitative techniq...

Marketing. Market research, the key to success; Marketing. Erfolgsfaktor Marktforschung

Energy Technology Data Exchange (ETDEWEB)

Bongers, U. [VSE AG, Saarbruecken (Germany); Borch, G. [Berliner Kraft- und Licht (BEWAG)-AG, Berlin (Germany); Edelmann, H. [Vereinigte Elektrizitaetswerke Westfalen AG (VEW), Dortmund (Germany); Hermann, E. [Hamburgische Electricitaets-Werke AG, Hamburg (Germany); Nickel, M. [Vereinigung Deutscher Elektrizitaetswerke e.V. (VDEW), Frankfurt am Main (Germany)

1999-07-01

The brochure explains why market research has become an essential activity for the business management of electric utilities in the competitive market environment. The document gives advice on integrating information obtained from market research into the organizational planning of the marketing activities of electric utilities that are newcomers in the deregulated European energy markets. The brochure was elaborated by a working group for 'market research and organisational statistics' of the VDEW. (orig./CB) [German] Die vorliegende Broschuere stellt die neue Bedeutung der Marktforschung fuer die Informationsgewinnung und das Marketing der Stromunternehmen dar und gibt Hinweise auf die organisatorische Einbindung der Marktforschung. Sie wurde von einer Projektgruppe des VDEW-Fachausschusses 'Marktforschung und Unternehmensstatistik' erarbeitet. Die Broschuere ist vor allem fuer die Unternehmen gedacht, die ihre Marktforschung aufbauen oder ausbauen wollen. (orig./CB)

Clinical utility of marketing terms used for over-the-counter dermatologic products.

Science.gov (United States)

Boozalis, Emily; Patel, Shivani

2018-05-08

Cosmetic products are commonly marketed using dermatologic terms such as 'hypoallergenic', 'non-comedogenic', 'fragrance-free', etc. The clinical relevance of these claims can be confusing to both patients and clinicians. A systematic review was performed via a PubMed search of published articles from January 1985 to October 2017 to further describe and elucidate the clinical utility of a predefined list of common dermatologic terms used by pharmaceutical companies to market over-the-counter products. The terms 'fragrance-free', 'hypoallergenic', 'non-comedogenic', and 'oil-free' on cosmetic product labels are not regulated by any governing body and provide varied clinical utility. Products labeled as having 'natural ingredients' are not necessarily safer or less irritating to patients with atopy or a history of allergic contact dermatitis. Despite the increasing popularity of 'paraben-free' cosmetics, parabens are safe for patients in the quantities used in cosmetic products and can be safely used in patients who do not exhibit contact dermatitis to this preservative. A working knowledge of common cosmetic ingredients may help dermatologists to counsel patients on which products to avoid for their specific dermatologic conditions.

An analysis of the macroeconomic conditions required for SME lending: Evidence from Turkey and other emerging market countries

Directory of Open Access Journals (Sweden)

Jenkins Hatice

2017-01-01

Full Text Available Providing small and medium enterprises (SMEs with access to external finance has been a major concern for many governments and international organizations for three decades. In recent years the experiences of emerging market countries suggest that a paradigm shift is taking place in SME finance. Particularly in fast-growing emerging market countries such as Turkey, banks are increasingly targeting SMEs as a new line of banking business. This research analyzes how macroeconomic factors have contributed to increased commercial bank lending to SMEs in six emerging market countries: Turkey, Argentina, Brazil, Mexico, Chile, and Poland. Based on time series and panel data analysis, we find that a high GDP growth rate and increased competition in the banking sector have contributed to increased banking sector credit to SMEs. The findings also reveal that curbing the high inflation rate and reducing government domestic borrowing have significantly encouraged bank lending to the SME segment.

Utilization of Indigenous Technical Knowledge (ITK'S) in Arid and Semi-Arid Regions of Eastern Kenya: A Coping Strategy to Shocks of Market Utilization

International Nuclear Information System (INIS)

Ndubi, J

2002-01-01

Most of the farmers in the arid and semi arid are poorly endowed with resources. Market liberalisation and withdrawal of government support (subsidies) in accessing some of the modern technologies has led to decreased use of most of the modern recommended technologies due to their high prices. A a coping strategy most of the resources poor farmers have turned to utilization of the indigenous technology to sustain their agricultural production. The main objective of this paper is to document the indigenous technologies utilized by farmers, explore the possibility of refining/calibrating and up-scaling them and the advantages and disadvantages of utilizing them as identified by the farmers. The method for data collection was by use of interviews the farmers who were stratified in terms of gender and age sets (young, middle aged and old) and data analysed by use of qualitative methods. The results indicate that, most farmers do utilize indigenous technology in crops, livestock pests, diseases, soil and water conservation as cropping strategies to increase input prices due to market liberalization and withdrawal of government subsidies. It was also observed that, there is need for scientists to calibrate the most important practices for improved adoption and up-scaling of the main indigenous technologies within and outside the study areas

Electrical equipment distributors assuming greater role as suppliers to electric utilities

International Nuclear Information System (INIS)

Anon.

1990-01-01

A survey was conducted of Canada's largest distributors of electrical equipment to the utility market. Summaries are presented of the views of the major respondents concerning market trends and future challenges. Distributors have emerged as a supply source to utilities over the past two decades. Before then, electric utilities did virtually all their business directly with the manufacturers and rarely with distributors. One reason for this situation was that direct dealing with manufacturers was perceived by the utilites as providing better access to technical advice. Distributors have grown significantly since then and many have their own expert technical staff and provide full support for their products. Various advantages for utilities in dealing with distributors are noted: ability to supply most needs relatively rapidly from stock, simplification of ordering, improved inventory management, and savings in brokerage and other costs associated with imported equipment

The provisioning of collective goods by MNEs in emerging markets

Directory of Open Access Journals (Sweden)

Jean J. Boddewyn

2017-04-01

Full Text Available Purpose – This paper aims to determine the essential “collective goods” which a foreign multinational enterprise (MNE must have before production can start in a remote area of an emerging economy, and to consider the alternative governance modes available to procure or create these goods. Design/methodology/approach – This purpose is examined conceptually and theoretically. First, the concept of “collective goods” is presented, followed by a consideration of the traditional “buy, ally or make” contractual approaches available to obtain goods and services. These approaches are repositioned in the context of an “emerging economy” so that alternative “ordering systems” as well as “non-contractual” means of obtaining things have to be considered in the context of internalization and reciprocity theories. Findings – It is difficult to obtain collective goods in remote areas of emerging economies where private ordering prevails and even succeeds but at high transaction costs and with substantial government intervention. However, the use of non-contractual modes of exchange such as reciprocity is available to facilitate exchanges between market MNEs and nonmarket state offices and civil-society associations such as non-governmental organizations with which collaboration is necessary but which cannot be acquired or controlled by MNEs. However, market firms can use philanthropy and lobbying to obtain the help of these nonmarket actors who know how to operate under private and state-ordering systems. Research limitations/implications – Theoretical implications: Internalization theory explains why MNEs are able to obtain collective goods by providing them “in-house”, while reciprocity theory exemplifies how non-contractual modes of exchange can substitute for the traditional but contractual “buy, ally and/or make”. Practical implications – Managerial implications: In terms of the organizational structure of the

Emerging Issues in the Utilization of Weblogs in Higher Education Classrooms

Science.gov (United States)

Ayao-ao, Shirley

2014-01-01

This paper examines the emerging issues in the utilization of weblogs in Philippine higher education and how these issues affect the performance of students. This study used a modified Delphi method. The Delphi panel consisted of 12 experts in the integration of technology, particularly blogs, in their teaching. The study yielded the following…

An Evidence Framework for Off-Patent Pharmaceutical Review (EFOR) for Health Technology Assessment in Emerging Markets.

Science.gov (United States)

Brixner, Diana; Kaló, Zoltán; Maniadakis, Nikos; Kim, Kyoo; Wijaya, Kalman

2018-03-29

This article introduces an Evidence Framework for Off-Patent Pharmaceutical Review (EFOR), which establishes value-based criteria in a template that manufacturers use to provide evidence showing how their products meet those criteria. Health authorities in emerging markets can then use the evidence presented in the EFOR to evaluate off-patent pharmaceuticals (OPPs) in a consistent, transparent, and evidence-based manner to support policy decisions, including pricing, reimbursement, formulary listing, and drug procurement. A literature search found no multi-criteria evidence framework for evaluating OPPs in emerging markets. An International Outcomes Research Board (IORB) of academia and industry experts conducted extensive research, meetings, and workshops to define high-priority criteria to incorporate into an evidence-based health technology assessment (HTA) tool using the multi-criteria decision analysis (MCDA) technique. The resulting framework was further tailored for country-specific needs in workshops in three emerging countries (Kazakhstan, Vietnam, and Indonesia). The IORB defined nine criteria four categories (Product, Manufacturing, Service, and Value Assessment), which OPP manufacturers can use to provide evidence for reimbursement and health policy decision making. Then the IORB developed the EFOR as a base case document, which can be adapted and used as a template by health authorities in emerging countries. Emerging countries have a significant need for an HTA tool that balances affordability with accurate evidence showing the value differentiation of OPPs. The value attributes in this setting often are different from those in developed markets, which emphasize new products and have high regulation and manufacturing standards. The EFOR is an easy-to-use, adaptable framework that emerging countries can use to increase the consistency, transparency, and effectiveness of drug decision making. The open source EFOR is available as Supplemental Materials

Ten-Year after the Asian Financial Crisis: Understanding Spread Determinants on New Emerging Market Bonds

Directory of Open Access Journals (Sweden)

Gracia S Ugut

2014-08-01

Full Text Available The  spread  determinants  of  emerging  market  bonds  have  shown  some  similarity  with the  non-investment  grade  bonds.  In  the  study,  the  author  found  that  there  are  significant numbers of quantitiable factors to explain the variance in the risk premium. The factors were classified  into  company  speciic  variables  and  macroeconomic  variables,  such  as  rating, term,  and  secondary  market  spread,  interest  rate  change  and  rising  price  of  commodities. For  the  unexplained  variance  in  risk  premiums,  the  study  suggested  some  explanation  on the underwriter's effectiveness in presenting the issuer to the investors and correlation of the emerging-market debt to the other asset classes.  

Market-oriented reorganisation of the marketing departments of energy utilities; Marktorientierte Vertriebs-Reorganisation von Energieversorgungsunternehmen

Energy Technology Data Exchange (ETDEWEB)

Beutin, N.; Scholl, M.; Fuerst, A. [Prof. Homburg und Partner, Mannheim (Germany)

2002-07-01

After discussing the central problem areas of the current organisational structure of energy utilities, a six-tier procedure will be presented and used to illustrate successful re-organisation (structure follows strategy) of the marketing and distribution departments. Practical examples and the major factors of performance at every stage are explained. (orig./CB) [German] In diesem Artikel wird nach einer Diskussion der zentralen Problemfelder im Organisationsbereich der heutigen EVUs anhand einer sechsstufigen Vorgehensweise aufgezeigt, wie EVUs die Aufbau- und Ablauforganisation (Strukturen und Prozesse) des Vertriebes konsequent am Markt ausrichten koennen. Eine Illustrierung der Vorgehensweise durch praxisnahe Beispiele erfolgt hierbei ebenso wie eine Darstellung der zentralen Erfolgsfaktoren einer jeden Stufe. (orig./CB)

New criteria to select foreign entry mode choice of global franchise chains into emerging markets

OpenAIRE

Baena Graciá, Verónica; Cerviño Fernández, Julio

2015-01-01

Despite emerging markets are some of the fastest growing economies in the world and represent countries that are experiencing a substantial economic transformation, little is known about the factors influencing choices of foreign entry mode in those markets. Especially, regarding companies that franchise overseas. In an attempt to expand our knowledge of this topic, this paper presents an empirical assessment of the relationship between a set of different variables with the four poss...

The Impact of Ownership Structure on Firm Performance : Evidence From a Large Emerging Market

NARCIS (Netherlands)

Douma, S.W.; George, R.; Kabir, M.R.

2002-01-01

We examine how ownership structure affects the performance of firms using firm level data from a large emerging market, India.We specifically focus on a previously unexplored phenomenon, namely the differential role played by foreign institutional and foreign corporate shareholders.An examination of

Photovoltaic materials: An analysis of emerging technology and markets

International Nuclear Information System (INIS)

1999-01-01

Solar power has been around for more than a century, and photovoltaic cells have supplied power to US space flights and satellites since Vanguard I. Innovative materials, new processes, and new manufacturing techniques are bringing the price of PV power down to earth--opening up substantial opportunities to profit from this environmentally friendly energy source. This report from Technical Insights, takes a hard look at this rapidly emerging field. It discusses the current state-of-the-art in photovoltaic materials; what new processes and applications are showing the greatest commercial promise; what new markets are opening up; and who the key players are in the growing PV industry

Social marketing: an underutilized tool for promoting adolescent health.

Science.gov (United States)

Bryant, Carol A; Mayer, Alyssa B; McDermott, Robert J; Panzera, Anthony D; Trainor, John K

2011-12-01

Social marketing applies some of the same principles used in commercial marketing for the analysis, planning, execution, and evaluation of programs designed to motivate voluntary behavioral change. It relies on consumer research for understanding the people they hope to change, including their values, aspirations, fears, lifestyle, and factors that motivate and deter them from adopting desired behaviors. Social marketing has been applied in public health settings since the 1980s for promoting such behaviors as safer sex, hypertension and cholesterol control, reduced occurrence of alcohol-impaired driving, improved utilization of public health prevention and screening services, and enactment of better school nutrition policies in schools. Although most evidence for social marketing's utility comes from interventions directed at adult audiences, its application with adolescents may help to address issues that have been challenging or unresponsive to health behavior change specialists. This article describes the basic tenets of social marketing as a behavior change process, identifies its previously successful applications with adolescent audience segments, and offers both lessons learned and projected future applications that employ emerging communication technologies.

Demise of the standard model for power sector reform and the emergence of hybrid power markets

International Nuclear Information System (INIS)

Gratwick, Katharine Nawaal; Eberhard, Anton

2008-01-01

Following earlier reforms in the power sectors of industrialized countries and emerging markets (e.g. Chile), developing countries were encouraged to unbundle their electricity industries and to introduce competition and private sector participation. This paper highlights the developments that led to how power sector reform came to be defined as a standard model and theoretical framework in its own right, and how the model was used prescriptively in many developing countries. However, we also show that, after more than 15 years of reform efforts, this new industry model has not fully taken root in most developing countries. Finally, we identify and characterize the emergence of new hybrid power markets, which pose fresh performance and investment challenges

Did Focusing on Asia Pacific Emerging Markets Provide Much Benefit to Portfolio Diversification during the Late 2000s Recession?

Directory of Open Access Journals (Sweden)

Bambang Hermanto

2013-01-01

Full Text Available This research studies the international co-movement among Asia Pacific emerging markets stock price indices during the late 2000s recession by using the monthly observations start from 1st October 2001 until 1st April 2011. The co-integration analysis and parsimonious Vector Error Correction Model employed in this research reveal a long-term relationship and inter-dependencies among seven Asia Pacific emerging market stock price indices. This research finds that the unique co-integration exists on the equations. Specifically, two indices from China and Taiwan having meteor shower potential while the rest indices from Thailand, Malaysia, and Indonesia are known to have heat waves effects or country specific factors on the equation. Finally, all the results are linked to the international diversification strategies. Keywords: Co-movement, co-integration, emerging market, heat waves, meteor shower, Asia Pacific, inter-dependencies, Vector Error Correction Model, international diversification

A Primer on Electric Utilities, Deregulation, and Restructuring of U.S. Electricity Markets

Energy Technology Data Exchange (ETDEWEB)

Warwick, William M.

2002-06-03

This primer is offered as an introduction to utility restructuring to better prepare readers for ongoing changes in public utilities and associated energy markets. It is written for use by individuals with responsibility for the management of facilities that use energy, including energy managers, procurement staff, and managers with responsibility for facility operations and budgets. The primer was prepared by the Pacific Northwest National Laboratory under sponsorship from the U.S. Department of Energy?s Federal Energy Management Program. The impetus for this primer originally came from the Government Services Administration who supported its initial development.

Figuring what’s fair: The cost of equity capital for renewable energy in emerging markets

International Nuclear Information System (INIS)

Donovan, Charles; Nuñez, Laura

2012-01-01

The appropriate cost of capital for a renewable energy project depends upon an accurate measure of investment risk. Employing the conceptual framework of a commonly accepted asset pricing model, we analyze the risk faced by renewable energy investors in large emerging markets. We find that firms in Brazil, China and India expose multinational investors to the same risk as investing in emerging markets generally. The risk to domestic investors in those same firms ranges from substantially below-average to above-average, depending upon the country. The results are robust across several model versions and statistical techniques. With an eye toward government efforts to encourage the deployment of renewable energy in developing countries, we establish a range of estimates for the required return on equity capital in this fast-growing and politically important economic sector.

Combined cycle design flexibility in today's market

International Nuclear Information System (INIS)

DeRidder, W.N.; Knott, S.J.

1995-01-01

In the power generation industry, non utility generators (NUG's) comprise a significant portion of new generation growth as electricity demands exceed existing utility capacities. These NUG's are developed by customers with widely varying experiences; bankers, lawyers, architect engineers, original equipment manufacturers, and other organizations involved in such diverse industries as petrochemical, pulp and paper, and steel making. The demands of these customers can be significantly varied in terms of features such as capacity factor, operability, maintainability, equipment redundancy, acceptable design practices, and many others. In addition, both the utility and NUG industries demand flexibility due to external influences such as regulatory policies, environmental conditions new design technologies, and emerging global markets. All of these factors are subject to wide variation across different market regions and even within a given region. This paper discusses the development of a reference plant design approach which focuses on customer flexibility while maximizing the use of proven designs. This approach allows basic system designs to be modified in a modular fashion to meet the differing demands of utility and NUG customers

The Choice of Entry Mode for Successful Business in an Emerging Market : Norwegian Business Operations in Indonesia

OpenAIRE

Ødegård, Sunniva Hellandsvik

2016-01-01

Master thesis Business Administration - University of Agder 2016 The main topic for this master thesis is the choice of entry mode for successful business in emerging markets, with a focus on Norwegian companies in the Indonesian market. The problem statement of the thesis is as follows: What are the main factors affecting the choice of entry mode for Norwegian companies in the Indonesian market? Several studies on the choice of entry modes have previously been conducted. Howev...

Foreign direct investment in the financial sector of emerging market economies

OpenAIRE

Bank for International Settlements

2004-01-01

Executive summary Foreign participation in the financial sectors of emerging market economies (EMEs) increased rapidly during the 1990s. It has continued to expand so far in this decade, on balance – although its pace fell somewhat following problems in Argentina in 2002 and the global slowdown in mergers and acquisitions. While banks accounted for the majority of financial sector foreign direct investment (FSFDI), they were joined during this period by securities and investment firms. In a n...

Corporate Governance and Its Impact on R&D Investment in Emerging Markets

DEFF Research Database (Denmark)

Rapp, Marc Steffen; A. Udoieva, Iuliia

2017-01-01

Corporate R&D activities are inherently risky but also difficult to monitor. Against this background, we examine the impact of ownership concentration and legal shareholder rights protection on corporate R&D investments in emerging markets. Based on a comprehensive sample of publicly listed firms...... shareholders to diversify their investment risks, is beneficial for corporate R&D and that this effect is intensified by more developed institutions....

ICT ADOPTION IN EMERGING CONTEMPORARY MARKETING PRACTICES: THE CASE OF THE NIGERIAN PAINTS INDUSTRY

Directory of Open Access Journals (Sweden)

Michael Oluwaseun OLOMU

2016-09-01

Full Text Available The growing awareness of firms about the deployment of information and communications technology continued to stimulate competitive advantage for them in the marketplace. This study investigated the numerous information and communications technologies deployed for products marketing in the Nigerian paints industry and also examined the degree of capacity in which ICTs were deployed in relations to contemporary marketing practices. This study considerably administered 240 questionnaire on paints manufacturing and marketing firms in Nigeria which resulted to 84.5% response rate in year 2014. The outcomes of the analysis revealed that the telephone and e-mail were widely embraced for marketing in the Nigerian paints industry. It was also discovered that paints companies adopted ICT more in a reinforcing capability as against enhancing and transforming purposes. The study suggested that paints producing and marketing firms in Nigeria need to incorporate more of ICT facilities and utilize the various offers of electronic marketing for their daily operations and automations thereby improving firm’s profitability and performance. More importantly, attention should be shifted on companies’ capability to innovate and consequently introducing new ICT products and services in the market.

The liberalization of the electric market from the view of a public utility

International Nuclear Information System (INIS)

Schwab, J.

1999-01-01

The competition associated with the liberalization of the electric power-supply markets and the altered customers behavior will require a fundamental reorientation in all commercial areas of the energy supply companies (ESC).The companies will only master these new challenges if they react promptly and in an appropriate flexible manner as well as with the demanded orientation attached to the market and to the customers. The strategy of reorientation of the ESC will be determined more and more by the customers and by demand less by supply and technology. The competition on the power-supply market will take predominately place in production and in commercialization. Thereby the commercialization of demand oriented products will be of increasing importance. On the partial markets of 'Industrial' and 'Contract'-customers and electric power trade the energy-suppliers must operate with different strategies. For the power-supplier the following results as consequences of the environment's change: trend to competition is irreversible, areas of creation of economic values are more important than supply stages, the net remains monopoly, new market participants will appear, the competition in the production will increase. The management-orientated way of the Grazer StadtwerkeAG as a public utility is to read as follows: increase the competence for competition, focus on the customer. (author)

Market based generation: A promising market management option

International Nuclear Information System (INIS)

Siddiqi, R.

1992-01-01

It is proposed to ease the tension between demand management and supply side management at electric utilities through the introduction of a concept called market management. Market management provides a framework for developing and evaluating the attractiveness of new products and services such as dispersed generation hardware, implementation services, and complementary pricing structures. A market management strategy is the definition of market segments, creating products for those segments, evaluation of the profitability of the product-segment combinations, commitment of resources to those segments, and development of product and marketing plans for those segments. A brief analysis of backup generation is presented as an example of market management. In this example, the customer that is backed up shares some portion of the capital and maintenance costs of the backup unit through priority service rates; the utility and customers that are not backed up can obtain the use of the generating resource but pay only a portion of its costs. Backup generation programs have been found to provide utilities with the ability to meet peak load requirements more cheaply than by investing in peaking capacity. Other benefits for utilities include protection of market share, more efficient rates, and a new source of revenues. With the advances in the technology of small-scale generation, utilities can examine bundling various pricing options with market based generation to offer alternative value-added service options to customer segments with demand characteristics that make these technologies attractive. 3 figs

The Use of Digital Library Skills in the Emergent Information Market in Botswana

Science.gov (United States)

Ojedokun, Ayoku A.; Moahi, Kgomotso H.

2007-01-01

This study probed the use of digital library skills by MLIS graduates, and their perception of employment preparation for the emergent information market in Botswana. The study used a survey approach. The study was carried out in 2004. A total of 32 MLIS graduates (1996-2003) of the Department of Library and Information Studies in employment were…

Pension fund regulation: Unintended consequences of foreign investment restrictions in an emerging market economy

Directory of Open Access Journals (Sweden)

Coert Frederik Erasmus

2016-12-01

Full Text Available Retirement savings allow investors to earn income after retirement by saving while being part of the workforce. Retirement savings comprise the largest portion of retirement savings and should be safeguarded by effective regulation. To safeguard retirement savings, exposure to foreign asset investments is limited. However, in an emerging economy, limiting foreign asset investments, especially investment in developed markets, could hamper the potential investment returns due to the translation risk. To assess the effect of translation risk, a preservation provident fund was used in the present study to determine whether the returns of this preservation provident fund would be adversely affected by investment allocation regulation. The findings indicated how the translation effect affected the preservation provident fund, illustrating the adverse unintended consequences of investment regulation in emerging market economies. Consequently, regulators should reconsider the maximum allowed foreign asset investment in pension fund regulations to enhance investment returns from foreign asset investments

The Hurst exponent over time: testing the assertion that emerging markets are becoming more efficient

Science.gov (United States)

Cajueiro, Daniel O.; Tabak, Benjamin M.

2004-05-01

This paper is concerned with the assertion found in the financial literature that emerging markets are becoming more efficient over time. To verify whether this assertion is true or not, we propose the calculation of the Hurst exponent over time using a time window with 4 years of data. The data used here comprises the bulk of emerging markets for Latin America and Asia. Our empirical results show that this assertion seems to be true for most countries, but it does not hold for countries such as Brazil, The Philippines and Thailand. Moreover, in order to check whether or not these results depend on the short term memory and the volatility of returns common in such financial asset return data, we filter the data by an AR-GARCH procedure and present the Hurst exponents for this filtered data.

Spot markets vs. long-term contracts - modelling tools for regional electricity generating utilities

International Nuclear Information System (INIS)

Grohnheit, P.E.

1999-01-01

A properly organised market for electricity requires that some information will be available for all market participants. Also a range of generally available modelling tools are necessary. This paper describes a set of simple models based on published data for analyses of the long-term revenues of regional utilities with combined heat and power generation (CHP), who will operate a competitive international electricity market and a local heat market. The future revenues from trade on the spot market is analysed using a load curve model, in which marginal costs are calculated on the basis of short-term costs of the available units and chronological hourly variations in the demands for electricity and heat. Assumptions on prices, marginal costs and electricity generation by the different types of generating units are studied for selected types of local electricity generators. The long-term revenue requirements to be met by long-term contracts are analysed using a traditional techno-economic optimisation model focusing on technology choice and competition among technologies over 20.30 years. A possible conclusion from this discussion is that it is important for the economic and environmental efficiency of the electricity market that local or regional generators of CHP, who are able to react on price signals, do not conclude long-term contracts that include fixed time-of-day tariff for sale of electricity. Optimisation results for a CHP region (represented by the structure of the Danish electricity and CHP market in 1995) also indicates that a market for CO 2 tradable permits is unlikely to attract major non-fossil fuel technologies for electricity generation, e.g. wind power. (au)

The international electricity market infrastructure-insight from the nordic electricity market

DEFF Research Database (Denmark)

Ma, Zheng; Prljaca, Zerina; Jørgensen, Bo Nørregaard

2016-01-01

This paper aims to provide an overview of an international electricity market for the emerging market players to understand and manipulate their roles and relationships in the market by analyzing the former, present, and future Nordic electricity market. The emerging market players...... and their relationships are also discussed in the paper. This paper outlines several suggestions for the future Nordic electricity market development. Furthermore, this paper provides a recommendation for countries interested in participating and developing the cross-national electricity markets with the discussion...... of the historical development of the Nordic electricity market....

The emergence of distributed generation in a liberalizing european electricity market

International Nuclear Information System (INIS)

Habay, P.; Pariente David, S.

1999-01-01

The liberalization, of the European electricity market accelerates the market entry of innovative small scale power generation and communication technologies applicable for a competitive power supply offering. The pressure of competition will push incumbent utilities as well as new entrants to tap any source of economic efficiencies in order to secure a competitive advantage and sufficient margins. The integration of a power generation unit on site or close to end-user premises without additional constraint for end-user is a potential source of economic efficiency. These systems enable to meet the needs of end-users at an attractive price and, beyond this, to free capacities for power exchange through the grid. These new practices lay the basis for distributed generation business which should experience significant growth in Europe over the next decade assuming that technologies meet efficiencies as announced. (authors)

The PV market

International Nuclear Information System (INIS)

Hammond, B.

1992-01-01

This paper forecasts the photovoltaic (PV) market growth for the 1990s. Ten years of PV history are reviewed and used to establish market trends in terms of average selling price (ASP) and kilowatts shipped by market segment. The market is segmented into indoor consumer, stand-alone, and grid-connected applications. Indoor consumer presently represents a saturated market and is fairly predictable. The stand-alone market (i.e. not connected to the utility grid) is fairly stable and predictable. The utility PV market however is highly dependent on a number of market factors such as the cost of conventional energy the cost of PV systems utility acceptance of PV and regulatory controls. Government and institutional regulations, environmental issues, and OPEC and Middle East politics will have the greatest impact on the cost of conventional fuels. Private and federal investment in PV technology development could have a significant impact on the cost of PV systems. Forecasts are provided through the year 2000 for indoor consumer stand-alone and utility markets

The Effect of Intellectual Property Standards on the Catch-Up Process Of Emerging Market Economies

DEFF Research Database (Denmark)

Darendeli, Izzet; Brandl, Kristin Martina; Hamilton, III, Robert D.

2014-01-01

The catch-up process of emerging market economies is dependent on multiple factors, such as local governmental regulations but also global industry developments. We investigate how intellectual property (IP) protection standards affect this catch-up process. The alignment of these standards...

Foreign and domestic ownership, business groups, and firm performance: evidence from a large emerging market

NARCIS (Netherlands)

Douma, Sytse; George, Rejie; Kabir, Mohammed Rezaul

2006-01-01

We adopt a multi-theoretic approach to investigate a previously unexplored phenomenon in extant literature, namely the differential impact of foreign institutional and foreign corporate shareholders on the performance of emerging market firms. We show that the previously documented positive effect

The Effect of Medicaid Expansion on Utilization in Maryland Emergency Departments.

Science.gov (United States)

Klein, Eili Y; Levin, Scott; Toerper, Matthew F; Makowsky, Michael D; Xu, Tim; Cole, Gai; Kelen, Gabor D

2017-11-01

A proposed benefit of expanding Medicaid eligibility under the Patient Protection and Affordable Care Act (ACA) was a reduction in emergency department (ED) utilization for primary care needs. Pre-ACA studies found that new Medicaid enrollees increased their ED utilization rates, but the effect on system-level ED visits was less clear. Our objective was to estimate the effect of Medicaid expansion on aggregate and individual-based ED utilization patterns within Maryland. We performed a retrospective cross-sectional study of ED utilization patterns across Maryland, using data from Maryland's Health Services Cost Review Commission. We also analyzed utilization differences between pre-ACA (July 2012 to December 2013) uninsured patients who returned post-ACA (July 2014 to December 2015). The total number of ED visits in Maryland decreased by 36,531 (-1.2%) between the 6 quarters pre-ACA and the 6 quarters post-ACA. Medicaid-covered ED visits increased from 23.3% to 28.9% (159,004 additional visits), whereas uninsured patient visits decreased from 16.3% to 10.4% (181,607 fewer visits). Coverage by other insurance types remained largely stable between periods. We found no significant relationship between Medicaid expansion and changes in ED volume by hospital. For patients uninsured pre-ACA who returned post-ACA, the adjusted visits per person during 6 quarters was 2.38 (95% confidence interval 2.35 to 2.40) for those newly enrolled in Medicaid post-ACA compared with 1.66 (95% confidence interval 1.64 to 1.68) for those remaining uninsured. There was a substantial increase in patients covered by Medicaid in the post-ACA period, but this did not significantly affect total ED volume. Returning patients newly enrolled in Medicaid visited the ED more than their uninsured counterparts; however, this cohort accounted for only a small percentage of total ED visits in Maryland. Copyright © 2017 American College of Emergency Physicians. Published by Elsevier Inc. All rights

BOP theory in an emerging market economy: India under the microscope

Directory of Open Access Journals (Sweden)

Gouher Ahmed

2015-07-01

Full Text Available Poverty is a universal phenomenon which does not go well with the progressive 21st century and hence the worldwide efforts to overcome the problem. At the beginning of the 21st century (2002, the late professor C.K. Prahalad had propounded a path breaking theory of poverty alleviation called the bottom of the pyramid business theory, which is not only making MNCs investments (FDI in underdeveloped countries and promoting their growth and employment generation and increase in incomes and thereby consumption and expenditure but also producing goods and services needed by the poor households at the bottom of the economic and business pyramid. The paper is devoted to the consideration of the theory in the emerging market economy of India where poverty is a biggest problem and the situation is not found significant for the BOP business. Can there be a market solution to it?

Emergence of Commodity Derivatives as Defensive Instrument in Portfolio Risk Hedging: A Case of Indian Commodity Markets

Directory of Open Access Journals (Sweden)

Singhal Shelly

2017-04-01

Full Text Available This paper empirically examines whether commodity derivatives can be used as an alternative investment asset in India where commodity markets are at emerging state and provides the same diversification benefit as they provide in developed commodity markets. In India only commodity futures are prevalent so various commodity indices representing various sectors has been used in the study. Diversification aspect of commodity derivatives has been tested initially by using correlation analysis. Compounded Daily Growth rate and Relative Standard deviation has been used as a measure of calculating risk and return of daily data of SENSEX, BOND and four Commodity Indices (MCX Comdex, MCX AGRI, MCX Metal, MCX Energy. Markowitz Efficient Frontier theory has been used to calculate portfolio risk return and Sharpe risk adjusted ratio has been used to evaluate the various portfolios. Optimal portfolio has been obtained for the combination of equity, bond and commodity and overall results of the study indicate that an investor who is risk averse will prefer to invest in combination of SENSEX, BOND & MCX Energy whereas an investor who gets utility by taking more risk for more returns will prefer to invest in combination of SENSEX, BOND & MCX Metal. Investor having inclination towards moderate risk return would tend to invest in MCX AGRI along with SENSEX and BOND.

Market opportunities in emerging markets : case study: Rideascout's innovative vehicle and Vietnamese market

OpenAIRE

Bui, Huyen-Anh

2015-01-01

Nowadays, there is no limit for innovation. Successful innovative products promise to bring about dramatic changes to the world. Rideascout, a Finnish start-up, is developing their new product, an innovative vehicle. In order to understand how their product could be used in certain market areas, the company decided to carry out an extensive market research. As part of the project, this thesis aims to explore possible uses and market opportunities for the product in Vietnam and more specifical...

Electric utility strategies and the emerging industry structure - Part 1

International Nuclear Information System (INIS)

Motupalli, S.

1991-01-01

The electric utility industry is our most capital intensive industry by far. Over the past few decades, socioeconomic and technological forces have been quietly revolutionizing the way the industry conducts itself. During the 1980s, these changes have been particularly intense, often catching both regulators and regulated ill-prepared to develop effective and profitable strategies to deal with such change. Much has already been written about these changes: independent power producers, competitive procurement of resources, incentive-based regulation, the benefits of affiliated company structures, mergers and consolidation, customer energy conservation, and marketing strategy development are all currently highly popular article and seminar topics. The author's object in this two-part series is to facilitate development of a decision framework to put these various changes in perspective, to help develop effective strategies through better focused and equipped planning methodologies. Gaining an understanding of the role, strengths and weaknesses of the various players in an industry and the structural constraints in which they operate is a necessary precursor to developing effective operating strategies to deal with change or to manipulate industry forces in your favor. Michael Port's popular five forces model provides a convenient way to develop such an understanding. It provides a way to map the industry forces driving profitability, through a review of the strengths, weaknesses and leverage of: current industry players, suppliers to the industry, customers for the industry's product, new entrants into the market, and substitute products providing equal or better value. Part 1 of this series reviews each of these five forces along some key dimensions to determine their direction of change or influence, and whether this change impacts a utility's competitive position favorably or unfavorably

High growth and rapid internationalisation of firms from emerging markets: the case of the Middle East and North Africa (MENA) Region

OpenAIRE

Hatem, Omaima

2012-01-01

The aim of this thesis is to understand the phenomena of the high growth and rapid internationalisation of firms from emerging markets. It explores the applicability of international entrepreneurship theory to the context of the emerging market enterprises in the Middle East and North Africa (MENA) region. It integrates the literature of strategic entrepreneurship and that of portfolio entrepreneurship with the literature of international entrepreneurship to provide a closer fi...

Aiming for market leadership - from electricity utility to pellets manufacturer; Die Marktfuehrerschaft im Visier

Energy Technology Data Exchange (ETDEWEB)

Aeberli, O. E.

2003-07-01

This short article describes the plans of a small Swiss electricity utility to break out of its traditional role in power generation and the distribution of electricity and go into the production of wood pellets. The pellets, which are to be made from waste wood available from a wood processing facility in the utility's own region, are to be produced on a scale which can be described as being quite large for Switzerland. The article discusses this unusual approach for a Swiss power utility, which also operates a wood-fired power station and has diversified into other areas such as electrical house installations and overland power lines. The markets being aimed for are described, including modern low-energy-consumption housing projects.

Electric utilities strategies in final energy markets; Nuove strategie d'impresa sui mercati finali dell'energia

Energy Technology Data Exchange (ETDEWEB)

Bianchi, A. [RIE S.r.L., Bologna (Italy)

2000-07-01

In rapidly changing markets, electric utilities pay growing attention to customers and service. They are aware that competition needs strategies capable of transforming and strengthening the privileged position resulting from the knowledge of the market. Moreover, this aspect is the link between different value chains to describe new multi utility approaches. [Italian] In mercati in rapida evoluzione, cresce nelle compagnie energetiche l'attenzione al cliente e al servizio; la concorrenza va affrontata con strategie di trasformazione e rafforzamento della posizione di privilegio che la conoscenza del mercato offre. Questo elemento rappresenta poi il ponte tra catene del valore diverse, verso un nuovo approccio multi-servizi.

Emergence of Cooperative Long-Term Market Loyalty in Double Auction Markets.

Science.gov (United States)

Alorić, Aleksandra; Sollich, Peter; McBurney, Peter; Galla, Tobias

2016-01-01

Loyal buyer-seller relationships can arise by design, e.g. when a seller tailors a product to a specific market niche to accomplish the best possible returns, and buyers respond to the dedicated efforts the seller makes to meet their needs. We ask whether it is possible, instead, for loyalty to arise spontaneously, and in particular as a consequence of repeated interaction and co-adaptation among the agents in a market. We devise a stylized model of double auction markets and adaptive traders that incorporates these features. Traders choose where to trade (which market) and how to trade (to buy or to sell) based on their previous experience. We find that when the typical scale of market returns (or, at fixed scale of returns, the intensity of choice) become higher than some threshold, the preferred state of the system is segregated: both buyers and sellers are segmented into subgroups that are persistently loyal to one market over another. We characterize the segregated state analytically in the limit of large markets: it is stabilized by some agents acting cooperatively to enable trade, and provides higher rewards than its unsegregated counterpart both for individual traders and the population as a whole.

It's Not Business as Usual: New and Emerging Career in Marketing, Finance, and Management

Science.gov (United States)

Miller, April J.

2010-01-01

There have been many changes in the field of business as a result of technological advancements, government regulations, and shifts in focus. These new career opportunities have arisen as a result: social media marketers, financial examiners, and project managers. In this article, the author discusses these new and emerging career opportunities in…

Electric utilities look back on 1998

International Nuclear Information System (INIS)

Anon.

1999-01-01

A review of activities in the electric power industry in Canada during 1998 is presented. In general, the principal preoccupation of Canadian electric utilities in 1998 was preparation for competition in a deregulated energy market. Utilities worked with provincial and national legislatures to redraw the rules of power supply. US FERC order 888 was central to many debates. FERC order 888 stipulates the unbundling of the retail aspects of operations from those that will remain regulated. Electric utilities also continued to prepare for the Y2K phenomenon and to work towards achieving ISO 14001 environmental management accreditation. They also explored alternative means of power generation. The year began with utilities across Canada sharing expertise and manpower to mitigate the impact of the ice storm which devastated parts of Quebec, Ontario and New Brunswick. It is believed that as a result of the ice storm of 1998, the Canadian utility industry is much better prepared to deal with weather-related emergencies than ever before. 1 fig

Factors associated with the utilization of primary care emergency centers in a Spanish region with high population dispersion: a mixed-methods study.

Science.gov (United States)

Sanz-Barbero, Belén; Otero-García, Laura; Blasco-Hernández, Teresa; San Sebastián, Miguel

2014-09-03

Adequate access to primary care emergency centers is particularly important in rural areas isolated from urban centers. However, variability in utilization of emergency services located in primary care centers among inhabitants of nearby geographical areas is understudied. The objectives of this study are twofold: 1) to analyze the association between the availability of municipal emergency care centers and utilization of primary care emergency centers (PCEC), in a Spanish region with high population dispersion; and 2) to determine healthcare providers' perceptions regarding PCEC utilization. A mixed-methods study was conducted. Quantitative phase: multilevel logistic regression modeling using merged data from the 2003 Regional Health Survey of Castile and Leon and the 2001 census data (Spain). Qualitative phase:14 in-depth- interviews of rural-based PCEC providers. Having PCEC as the only emergency center in the municipality was directly associated with its utilization (p use. PCEC users were considered to be predominantly workers and students with scheduling conflicts with rural primary care opening hours. The location of emergency care centers is associated with PCEC utilization. Increasing access to primary care by extending hours may be an important step toward optimal PCEC utilization. Further research would determine whether lower PCEC use by certain groups is associated with disparities in access to care.

Developing competitive advantage through startups and venture capital in emerging markets: A view from Israel.

Directory of Open Access Journals (Sweden)

Alexander Maune

2017-06-01

Full Text Available This article presents an examination of the emergence and co-evolution of startups and venture capital that led to the transformation of Israel into a Start-Up and Innovation Nation since its inception in 1948. Throughout, the co-evolution of startups and venture capital was considered a critical linkage between venture capital emergence and startup intensive cluster. The article also examined the three phased evolutionary model of 1969 to 2000. A discursive approach of related relevant literature was used. The study found out that the co-evolution of startups and venture capital, policy targeting and a network of a number of other factors as will be discussed in the three phased evolutionary model were critical to the emergence and change of the Israeli high-technology industry into a high-technology startup intensive industry. Israel has become the second largest world market for venture capital with more than 240 venture capitals since 1992. Israel has also become the lead in research and development attracting more than 270 multinational companies with more than 250 establishing research centers and employing over 108 000 in the country. The study also found that Israel leads other nations in per capita startups, engineers, scientists and technicians. This article will be critical for policy formulation and implementation especially in Emerging Markets. This article may lead to a shift in strategy in many emerging countries. This article will also help expand the academic knowledge by filling the existing gaps within the body of knowledge. Therefore, the article has academic, economic and policy value.

Novel Emergency Medicine Curriculum Utilizing Self-Directed Learning and the Flipped Classroom Method: Gastrointestinal Emergencies Small Group Module

Directory of Open Access Journals (Sweden)

Andrew King

2017-01-01

Full Text Available Audience and type of curriculum: This curriculum created and implemented at The Ohio State University Wexner Medical Center was designed to educate our emergency medicine (EM residents, PGY-1 to PGY-3, as well as medical students and attending physicians. Introduction/Background: Gastrointestinal (GI emergencies comprise approximately 12% of emergency department (ED visits.1 Residents must be proficient in the differential diagnosis and management of the wide variety of GI emergencies. The flipped classroom curricular model emphasizes self-directed learning activities completed by learners, followed by small group discussions pertaining to the topic reviewed. The active learning fostered by this curriculum increases faculty and learner engagement and interaction time typically absent in traditional lecture-based formats.2-4 Studies have revealed that the application of knowledge through case studies, personal interaction with content experts, and integrated questions are effective learning strategies for emergency medicine residents.4-6 The Ohio State University EM Residency didactic curriculum recently transitioned to a “flipped classroom” approach.7-10 We created this innovative curriculum aimed to improve our residency education program and to share educational resources with other EM residency programs. This proposed curriculum utilizes an 18-month curricular cycle. The flipped classroom curriculum maximizes didactic time and resident engagement, fosters intellectual curiosity and active learning, and meets the needs of today’s learners. 3,6,11 Objectives: We aim to teach the presentation and management of GI emergencies through the creation of a flipped classroom design. This unique, innovative curriculum utilizes resources chosen by education faculty and resident learners, study questions, real-life experiences, and small group discussions in place of traditional lectures. In doing so, a goal of the curriculum is to encourage self

78 FR 11909 - Emerging Global Advisors, LLC, et al.; Notice of Application

Science.gov (United States)

2013-02-20

... management companies that may utilize active management investment strategies (``Future Funds''). Any Future... discount or premium in relation to their NAV. \\15\\ If Shares are listed on The NASDAQ Stock Market LLC... SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 30382; 812-14117] Emerging...

Marketized State Ownership and Foreign Expansion of Emerging Market Multinationals

DEFF Research Database (Denmark)

Li, Ming Hua; Cui, Lin; Lu, Jiangyong

2017-01-01

direct investment. We argue that firms with marketized state ownership may derive institutional competitive advantages from their dual responsiveness to shifting global market conditions and home government expectations which has a positive impact on their foreign investment decisions. However...

The transmission process of financial crises across the emerging markets: an alternative consideration

OpenAIRE

Abdurrahman, Korkmaz

2012-01-01

This paper offers an alternative consideration for the transmission process of financial crises across emerging markets. Here, we hypothesized that the interdependence effect could weaken, even disappear completely, and veer during a crisis period as a result of the contagion process. The importance of this hypothesis for the policy implication is also highlighted because it can be validated for many cases by our data.

Emergence of Cooperative Long-Term Market Loyalty in Double Auction Markets

Science.gov (United States)

Alorić, Aleksandra; Sollich, Peter; McBurney, Peter; Galla, Tobias

2016-01-01

Loyal buyer-seller relationships can arise by design, e.g. when a seller tailors a product to a specific market niche to accomplish the best possible returns, and buyers respond to the dedicated efforts the seller makes to meet their needs. We ask whether it is possible, instead, for loyalty to arise spontaneously, and in particular as a consequence of repeated interaction and co-adaptation among the agents in a market. We devise a stylized model of double auction markets and adaptive traders that incorporates these features. Traders choose where to trade (which market) and how to trade (to buy or to sell) based on their previous experience. We find that when the typical scale of market returns (or, at fixed scale of returns, the intensity of choice) become higher than some threshold, the preferred state of the system is segregated: both buyers and sellers are segmented into subgroups that are persistently loyal to one market over another. We characterize the segregated state analytically in the limit of large markets: it is stabilized by some agents acting cooperatively to enable trade, and provides higher rewards than its unsegregated counterpart both for individual traders and the population as a whole. PMID:27120473

COMMUNICATION IN THE EMERGENCY SITUATIONS MANAGEMENT

OpenAIRE

Ovidiu Aurel GHIUȚĂ; Gabriela PRELIPCEAN

2014-01-01

This paper is talking about communication use in emergency situations management from a marketing perspective. We have analyzed if this communication is different from the communication of a company with her publics; the legislation which provides the framework for this type of communication in Romania, when is applicable and who is in charge. As methodology we have utilized documentary research. We mention similarities and differences between this type of communication and Integrated Ma...

Geothermal energy and the utility market -- the opportunities and challenges for expanding geothermal energy in a competitive supply market: Proceedings

Energy Technology Data Exchange (ETDEWEB)

1992-01-01

Each year the Geothermal Division of the US Department of Energy conducts an in-depth review of its entire geothermal R D program. The conference serves several purposes: a status report on current R D activities, an assessment of progress and problems, a review of management issues, and a technology transfer opportunity between DOE and the US geothermal city. This year's conference, Program Review X, was held in San Francisco on March 24--26, 1992. The theme of the review, Geothermal Energy and the Utility Market -- The Opportunities and Challenges for Expanding Geothermal Energy in a Competitive Supply Market,'' focused on the needs of the electric utility sector. Geothermal energy, with its power capacity potential of 10 GWe by the year 2010, can provide reliable, enviromentally clean electricity which can help offset the projected increase in demand. Program Review X consisted of seven sessions including an opening session with presentations by Mr. Vikram Budhraja, Vice President of System Planning and Operations, Southern California Edison Company, and Mr. Richard Jaros, President and Chief Operating Officer, California Energy Company. The six technical sessions included presentations by the relevant field researchers covering DOE-sponsored R D in hydrothermal, hot dry rock, and geopressured energy. Individual projects are processed separately for the data bases.

Dividend payout and corporate governance in emerging markets: which governance provisions matter?

OpenAIRE

Thomas O'Connor

2012-01-01

In this paper I examine the relationship between individual corporate governance provisions and corporate dividend payout. Using a sample of 220 firms from 21 emerging market countries, I show that dividend payout is an outcome of strong corporate governance. On closer inspection, I find that dividend payouts tend to be greater in firms which score highly in measures of board independence and accountability. I find some evidence which suggests that dividends substitute for a lack of transpare...

"Contagion" between the emerging and developed capital markets: empirical evidence and reflections on the international portfolio diversification

Directory of Open Access Journals (Sweden)

Wagner Moura Lamounier

2008-10-01

Full Text Available In this research, we analyzed the short and long term interdependence and relationship between the stock indices of the major emerging capital markets and the major developed markets for the period 1995-2005. The aim was to verify the existence and the dynamics of the “contagion” between the markets, or if the occurrence of crises and changes in the behavior of a market would have impacts on the behavior of the others. In the development of the work, we applied the methodology of the Vector Error Correction Model (VEC. We found the presence of cointegrating relationships between the markets analyzed, but was able to see that, despite being cointegrated markets, investors could benefit from international diversification of portfolios. That’s because the speed of adjustment of the long-term ratio of cointegration between the markets was low for the period analyzed. Accordingly, investors would have the opportunity to reduce risk by diversifying their portfolios.

Novel Emergency Medicine Curriculum Utilizing Self-Directed Learning and the Flipped Classroom Method: Genitourinary Emergencies Small Group Module

Directory of Open Access Journals (Sweden)

Andrew King

2017-07-01

Full Text Available Audience: This curriculum, created and implemented at The Ohio State University Wexner Medical Center, was designed to educate our emergency medicine (EM residents, PGY-1 to PGY-3, as well as medical students. Introduction: In 2013, there were over 6 million Emergency Department visits in the United States which resulted in a primary diagnosis of the genitourinary system. This represents 5.2% of all Emergency Department visits.1 Residents must be proficient in the differential diagnosis and management of the wide variety of genitourinary emergencies. This flipped classroom curricular model emphasizes self-directed learning activities completed by learners, followed by small group discussions pertaining to the topic reviewed. The active learning fostered by this curriculum increases faculty and learner engagement and interaction time typically absent in traditional lecture-based formats.2-4 Studies have revealed that the application of knowledge through case studies, personal interaction with content experts, and integrated questions are effective learning strategies for emergency medicine residents.4-6 The Ohio State University Wexner Medical Center EM Residency didactic curriculum recently transitioned to a “flipped classroom” approach.7-10 We created this innovative curriculum aimed to improve our residency education program and to share educational resources with other EM residency programs. Our curriculum utilizes an 18-month curricular cycle to cover the defined emergency medicine content. The flipped classroom curriculum maximizes didactic time and resident engagement, fosters intellectual curiosity and active learning, and meets the needs of today’s learners. 3,6,11 Objectives: We aim to teach the presentation and management of genitourinary emergencies through the creation of a flipped classroom design. This unique, innovative curriculum utilizes resources chosen by education faculty and resident learners, study questions, real

Novel Emergency Medicine Curriculum Utilizing Self-Directed Learning and the Flipped Classroom Method: Psychiatric Emergencies Small Group Module

Directory of Open Access Journals (Sweden)

Andrew King

2017-07-01

Full Text Available Audience: This curriculum created and implemented at The Ohio State University Wexner Medical Center was designed to educate our emergency medicine (EM residents, PGY-1 to PGY-3, as well as medical students and attending physicians. Introduction: In 2007, there were 12 million adult Emergency Department visits for mental health and substance abuse complaints. This represents 12.5% of all adult emergency department visits.1 Residents must be proficient in the differential diagnosis and management of the wide variety of psychiatric emergencies. The flipped classroom curricular model emphasizes self-directed learning activities completed by learners, followed by small group discussions pertaining to the topic reviewed. The active learning fostered by this curriculum increases faculty and learner engagement and interaction time typically absent in traditional lecture-based formats.2-4 Studies have revealed that the application of knowledge through case studies, personal interaction with content experts, and integrated questions are effective learning strategies for emergency medicine residents.4-6 The Ohio State University EM Residency didactic curriculum recently transitioned to a “flipped classroom” approach.7-10 We created this innovative curriculum aimed to improve our residency education program and to share educational resources with other EM residency programs. Our curriculum utilizes an 18-month curricular cycle to cover the defined emergency medicine content. The flipped classroom curriculum maximizes didactic time and resident engagement, fosters intellectual curiosity and active learning, and meets the needs of today’s learners. 3,6,11 Objectives: We aim to teach the presentation and management of psychiatric emergencies through the creation of a flipped classroom design. This unique, innovative curriculum utilizes resources chosen by education faculty and resident learners, study questions, real-life experiences, and small group

The emergent natural gas markets

International Nuclear Information System (INIS)

Dewert, F.; Meeder, J.

1998-01-01

A 30% increase of natural gas consumption worldwide is expected to occur since the year 2010. This development will concern countries located outside the traditional markets, in particular in central and eastern Europe, Asia, Africa and south America. This paper summarizes the talks given by the different representatives of these regions who explain the expected evolutions of the natural gas market in these areas: reserves, production, consumption, demand, competition with other energy sources, financial aspects.. (J.S.)

Determinants and Dynamics of Business Aspirations : Evidence from Small-scale Entrepreneurs in an Emerging Market

NARCIS (Netherlands)

Dalton, Patricio; Rüschenpöhler, Julius; Zia, Bilal

2018-01-01

Small-scale entrepreneurs are ubiquitous in emerging market economies, yet very few graduate to become larger businesses. We ask whether such entrepreneurs even aspire to grow, and if so, on which dimensions of the business? What factors influence these aspirations, how realistic are they, and do

The impact of fiscal policy on government bond spreads in emerging markets

Directory of Open Access Journals (Sweden)

Ante Žigman

2011-12-01

Full Text Available Spreads on government bonds are a collective expression of differences in the level of development, risk, expected returns and other essential characteristics of states or regions the bond yields of which we wish to compare. At issue here is a collective expression of factors that work on the bond supply and demand side. These are for example the political environment (or political risks, expected return, economic risks, expected inflation, expected change in the exchange rate, solvency, way in which the bonds of a given state fi t into the portfolios of the major investors and so on. The paper identifies the influence of fiscal and non-fiscal factors on movements in spreads on government bonds in emerging markets. The possibility of isolating fiscal from non-fiscal influences on spreads and the identification of the nature of fiscal impacts can be of great importance for the conduct of fiscal policy. The results obtained can be used for an optimisation of fiscal policy so as to avoid negative impacts on yields (i.e. a growth in yields, that is, a growth in the costs of government borrowing. This paper enlarges the line of research by querying whether the structure of deficit financing (domestic or foreign has an impact on bond yields in emerging markets, and how this impact is reflected on the other determinants of fiscal policy.

Emergent organization in a model market

Science.gov (United States)

Yadav, Avinash Chand; Manchanda, Kaustubh; Ramaswamy, Ramakrishna

2017-09-01

We study the collective behaviour of interacting agents in a simple model of market economics that was originally introduced by Nørrelykke and Bak. A general theoretical framework for interacting traders on an arbitrary network is presented, with the interaction consisting of buying (namely consumption) and selling (namely production) of commodities. Extremal dynamics is introduced by having the agent with least profit in the market readjust prices, causing the market to self-organize. In addition to examining this model market on regular lattices in two-dimensions, we also study the cases of random complex networks both with and without community structures. Fluctuations in an activity signal exhibit properties that are characteristic of avalanches observed in models of self-organized criticality, and these can be described by power-law distributions when the system is in the critical state.

The role of cross-listing, foreign ownership and state ownership in dividend policy in an emerging market

Directory of Open Access Journals (Sweden)

Kevin C.K. Lam

2012-09-01

Full Text Available In this paper, we investigate if dividend policy is influenced by ownership type. Within the dividend literature, dividends have a signaling role regarding agency costs, such that dividends may diminish insider conflicts (reduce free cash flow or may be used to extract cash from firms (tunneling effect – which could be predominant in emerging markets. We expect firms with foreign ownership and those that are listed in overseas markets to have different dividend policies and practices than those that are not, and firms with more state ownership and less individual ownership to be more likely to pay cash dividends and less likely to pay stock dividends. Using firms from an emerging economy (China, we examine whether these effects exist in corporate dividend policy and practice. We find that both foreign ownership and cross-listing have significant negative effects on cash dividends, consistent with the signaling effect and the notion of reduced tunneling activities for firms with the ability to raise capital from outside of China. Consistent with the tunneling effect, we find that firms with higher state ownership tend to pay higher cash dividends and lower stock dividends, while the opposite is true for public (individual ownership. Further analysis shows that foreign ownership mediates the effect of state ownership on dividend policy. Our results have significant implications for researchers, investors, policy makers and regulators in emerging markets.

Stock Price Informativeness and Idiosyncratic Return Volatility in Emerging Markets: Evidence from China

OpenAIRE

Karen Jingrong Lin; Khondkar Karim; Clairmont Carter

2014-01-01

This study attempts to address two research questions on the idiosyncratic return volatility and stock price informativeness. First, whether idiosyncratic return volatility is a valid proxy for stock price informativeness in emerging markets, and if it is, whether there exists a monotonic relationship between the idiosyncratic return volatility and stock price informativeness throughout the whole sample. We find that the idiosyncratic return volatility reflects the stock price informativeness...

Modeling a Dynamic Portfolio for Pension Plans in Emerging Markets With Myopic and Nonmyopic Behavior

DEFF Research Database (Denmark)

Pimentel, Livia F.; Santiago, Leonardo

2015-01-01

We introduce a dynamic formulation for the problem of portfolio selection of pension funds in the absence of a risk-free asset. In emerging markets, a risk-free asset might be unavailable, and the approaches commonly used may no longer be suitable. We use a parametric approach to combine dynamic...

Market Structure, Financial Dependence and Industrial Growth: Evidence from the Banking Industry in Emerging Asian Economies.

Science.gov (United States)

Khan, Habib Hussain; Ahmad, Rubi Binit; Gee, Chan Sok

2016-01-01

In this study, we examine the role of market structure for growth in financially dependent industries from 10 emerging Asian economies over the period of 1995-2011. Our approach departs from existing studies in that we apply four alternative measures of market structure based on structural and non-structural approaches and compare their outcomes. Results indicate that higher bank concentration may slow down the growth of financially dependent industries. Bank competition on the other hand, allows financially dependent industries to grow faster. These findings are consistent across a number of sensitivity checks such as alternative measures of financial dependence, institutional factors (including property rights, quality of accounting standards and bank ownership), and endogeneity consideration. In sum, our study suggests that financially dependent industries grow more in more competitive/less concentrated banking systems. Therefore, regulatory authorities need to be careful while pursuing a consolidation policy for banking sector in emerging Asian economies.

Emergency Medical Service (EMS) Utilization by Syrian Refugees Residing in Ankara, Turkey.

Science.gov (United States)

Altıner, Ali Osman; Yeşil, Sıdıka Tekeli

2018-04-01

Introduction Many Syrians have left their country and migrated to other countries since March 2011, due to the civil war. As of March 2016, a total of 2,747,946 Syrian refugees had immigrated to Turkey. Some Syrian refugees have been living in camps, while 2,475,134 have been living in metropolitan areas, such as Ankara. Study Objective This study investigated Emergency Medical Service (EMS) utilization among Syrian refugees residing in Ankara. This study was a descriptive, cross-sectional database analysis using data obtained from the Department of EMS of the Ankara Provincial Health Directorate. Five stations in the Altındağ region of Ankara responded to 42% of all calls from Syrian refugees. Prehospital EMS in Ankara have been used mostly by Syrian refugees younger than 18-years-old. Study findings also suggest that medical staff in regions where Syrian refugees are likely to be treated should be supported and provided with the ability to overcome language barriers and cultural differences. Altıner AO , Tekeli Yeşil S . Emergency Medical Service (EMS) utilization by Syrian refugees residing in Ankara, Turkey. Prehosp Disaster Med. 2018;33(2):160-164.

The market for photovoltaic (PV) technology

International Nuclear Information System (INIS)

Frantzis, L.; Vejtasa, K.M.

1993-01-01

This paper describes a study that was intended to provide the Electric Power Research Institute (EPRI) with a market analysis for photovoltaic (PV) technologies under development by EPRI and others. The analysis was to focus on markets and factors leading to significant incremental growth for PV demand, large enough to support more efficient scale PV manufacturing capacity. EPRI anticipates that PV ultimately could provide grid-connected power, however, the 1995--2010 market dynamics are uncertain. The specific objectives of this study, therefore, were to: determine what major future domestic US markets for PV technologies will emerge and provide enough volume to support significant improvements in manufacturing costs through manufacturing economies of scale; provide insight on what is needed to gain acceptance of PV technologies for electric power generation in those major markets; provide insight on when investments in demonstration and manufacturing facilities should be made and what is needed to be successful in each element of the business that these markets could support (e.g., technology development, manufacturing, sales, installation, and service); and provide key insights on the requirements for commercial success of PV in the utility sector

Utility-Scale Concentrating Solar Power and Photovoltaic Projects: A Technology and Market Overview

Energy Technology Data Exchange (ETDEWEB)

Mendelsohn, M.; Lowder, T.; Canavan, B.

2012-04-01

Over the last several years, solar energy technologies have been, or are in the process of being, deployed at unprecedented levels. A critical recent development, resulting from the massive scale of projects in progress or recently completed, is having the power sold directly to electric utilities. Such 'utility-scale' systems offer the opportunity to deploy solar technologies far faster than the traditional 'behind-the-meter' projects designed to offset retail load. Moreover, these systems have employed significant economies of scale during construction and operation, attracting financial capital, which in turn can reduce the delivered cost of power. This report is a summary of the current U.S. utility-scale solar state-of-the-market and development pipeline. Utility-scale solar energy systems are generally categorized as one of two basic designs: concentrating solar power (CSP) and photovoltaic (PV). CSP systems can be further delineated into four commercially available technologies: parabolic trough, central receiver (CR), parabolic dish, and linear Fresnel reflector. CSP systems can also be categorized as hybrid, which combine a solar-based system (generally parabolic trough, CR, or linear Fresnel) and a fossil fuel energy system to produce electric power or steam.

Emerging feed markets for ruminant production in urban and peri-urban areas of Northern Ghana.

Science.gov (United States)

Konlan, S P; Ayantunde, A A; Addah, W; Dei, H K; Karbo, N

2018-01-01

Feed shortage in urban and peri-urban areas has triggered the emergence of feed markets in Northern Ghana. These markets were surveyed at three locations (Tamale, Bolgatanga, and Wa markets) to determine types and prices of feedstuffs sold across seasons; early dry (November-January), late dry (February-April), early wet (May-July), and main wet (August-October). Semi-structured questionnaire was used for data collection. Three samples of each feed type in the markets were bought from three different sellers per market in each season. The samples were oven dried to constant weight and price/kg DM of each feed determined. The total respondents were 169. Out of this number, 41% were feed sellers, 46% buyers, and 13% retailers. The feedstuffs found were crop residues (groundnut haulm and cowpea haulm), agro-industrial by-products (bran of maize, rice, and sorghum), fresh grasses (Rotteboellia cochinchinensis), and local browses (Ficus sp. and Pterocarpus erinaceous). Prices of feeds differed (P  0.05) in all seasons but that of crop residues were higher (P < 05) in early to late dry season than the wet season. Majority (90%) of respondents opined that the feed market will expand due to increasing number of livestock population in the peri-urban areas.

How to develop a world class electrical utility for the free markets of electrical energy?

International Nuclear Information System (INIS)

Aaltonen, J.E.; Takala, J.A.

1995-01-01

The electricity distribution in Finland is going to the new stage where the electrical energy market will be gradually free from competition. The purpose of this study is to analyze the concept of the world class utility. A feasibility study was made to research the condition in logistics and suitable methods for the implementation. Some ideas have been piloted to verify and find acceptable approaches of the implementation to practice. Utilities improved the cost efficiency and strategical business logistics in a customer oriented and flexible way. The methods and findings can be used on other public and industrial areas, too

DOES MARKET TIMING DRIVE CAPITAL STRUCTURE? EMPIRICAL EVIDENCE FROM AN EMERGING MARKET

Directory of Open Access Journals (Sweden)

Sibel Çelik

2013-01-01

Full Text Available The purpose of this study is to test how equity market timing affects capital structure from the perspective of IPO (Initial Public Offering event in ISE for the period between 1999-2008. Our dataset comprises of all firms (75 firms that went public from the period of January 1999 to December 2008 in Turkey that are available in ISE database. We analyse the market timing theory by applying cross sectional regression method. For this purpose, first, we test the impact of market timing on the amount of equity issued by IPO firms. Second we examine the impact of market timing on capital structure. We conclude that market timing theory is not valid for Turkey.

E-Commerce as an instrument of governing SMEs’ marketing strategy in an emerging economy

Directory of Open Access Journals (Sweden)

Lawrence Mpele Lekhanya

2016-11-01

Full Text Available The purpose of this paper is to report on the use of e-commerce an instrument of governing SMEs’ marketing strategy in an emerging economy. The study aimed to assess and critically discuss various factors influencing the use of e-commerce as an instrument of governing SMEs marketing strategy and identify the extent to which SMEs owners/managers perceived e-commerce to be important to their businesses survival and growth. A mixed method approach allowed for qualitative and quantitative techniques in collecting data from targeted respondents, with primary collected from rural areas of an emerging country. The research instrument consisted of closed-ended questionnaires made up of 5-point Likert scale responses were distributed to each respondent. The research findings indicate that most respondents believed that the use of e-commerce is motivated by the cost saving and other financial factors in the form of benefits for the customer. In addition, large number of respondents disagreed that the use of e-Commerce has changed their consumer buying behaviour. The paper’s benefit will be to the owners/managers SMEs as well as policy makers and financial agencies for SMEs

The Flexible Solar Utility. Preparing for Solar's Impacts to Utility Planning and Operations

Energy Technology Data Exchange (ETDEWEB)

Sterling, John [Solar Electric Power Association (SEPA), Washington, DC (United States); Davidovich, Ted [Solar Electric Power Association (SEPA), Washington, DC (United States); Cory, Karlynn [National Renewable Energy Lab. (NREL), Golden, CO (United States); Aznar, Alexandra [National Renewable Energy Lab. (NREL), Golden, CO (United States); McLaren, Joyce [National Renewable Energy Lab. (NREL), Golden, CO (United States)

2015-09-01

This paper seeks to provide a flexible utility roadmap for identifying the steps that need to be taken to place the utility in the best position for addressing solar in the future. Solar growth and the emergence of new technologies will change the electric utility of tomorrow. Although not every utility, region, or market will change in the same way or magnitude, developing a path forward will be needed to reach the Electric System of the Future in the coming decades. In this report, a series of potential future states are identified that could result in drastically different energy mixes and profiles: 1) Business as Usual, 2) Low Carbon, Centralized Generation, 3) Rapid Distributed Energy Resource Growth, 4) Interactivity of Both the Grid and Demand, and 5) Grid or Load Defection. Complicating this process are a series of emerging disruptions; decisions or events that will cause the electric sector to change. Understanding and preparing for these items is critical for the transformation to any of the future states to be successful. Predicting which future state will predominate 15 years from now is not possible; however, utilities still will need to look ahead and try to anticipate how factors will impact their planning, operations, and business models. In order to dig into the potential transformations facing the utility industry, the authors conducted a series of utility interviews, held a working session at a major industry solar conference, and conducted a quantitative survey. To focus conversations, the authors leveraged the Rapid Distributed Energy Resource (DER) Growth future to draw out how utilities would have to adapt from current processes and procedures in order to manage and thrive in that new environment. Distributed solar was investigated specifically, and could serve as a proxy resource for all distributed generation (DG). It can also provide the foundation for all DERs.

An emerging market in fuel cells? Residential combined heat and power in four countries

International Nuclear Information System (INIS)

Brown, J.E.; Hendry, C.N.; Harborne, P.

2007-01-01

Global concerns about fossil fuel stocks and security of supply have stimulated governments and industry to explore the development of alternative sources of energy. This has led to the emergence of liberalised markets for energy and the growth of de-centralised generation and distribution systems. Within this context, the use of a sustainable technology, such as fuel cells, as a generator of heat and electricity for the residential market, is a significant market opportunity. Using a set of framework conditions to explain the diffusion of renewable energy technologies, this paper analyses recent developments in four leading industrial countries, and concludes that Japan and Germany are competing to be the lead country for the introduction of this technology. In the process, we highlight the impact of government and the extent to which the development of a fuel cell industry is being driven by incumbent large firms acting independently or in collaboration with a range of other companies across the value chain. [Author

An emerging market in fuel cells? Residential combined heat and power in four countries

International Nuclear Information System (INIS)

Brown, James E.; Hendry, Chris N.; Harborne, Paul

2007-01-01

Global concerns about fossil fuel stocks and security of supply have stimulated governments and industry to explore the development of alternative sources of energy. This has led to the emergence of liberalised markets for energy and the growth of de-centralised generation and distribution systems. Within this context, the use of a sustainable technology, such as fuel cells, as a generator of heat and electricity for the residential market, is a significant market opportunity. Using a set of framework conditions to explain the diffusion of renewable energy technologies, this paper analyses recent developments in four leading industrial countries, and concludes that Japan and Germany are competing to be the lead country for the introduction of this technology. In the process, we highlight the impact of government and the extent to which the development of a fuel cell industry is being driven by incumbent large firms acting independently or in collaboration with a range of other companies across the value chain

Opening of energy markets: consequences on the missions of public utility and of security of supplies in the domain of electric power and gas

International Nuclear Information System (INIS)

2001-01-01

This conference was jointly organized by the International Energy Agency (IEA) and the French ministry of economy, finances, and industry (general direction of energy and raw materials, DGEMP). It was organized in 6 sessions dealing with: 1 - the public utility in the domain of energy: definition of the public utility missions, experience feedback about liberalized markets, public utility obligation and pricing regulation; 2 - the new US energy policy and the lessons learnt from the California crisis; 3 - the security of electric power supplies: concepts of security of supplies, opinion of operators, security of power supplies versus liberalization and investments; 4 - security of gas supplies: markets liberalization and investments, long-term contracts and security of supplies; 5 - debate: how to integrate the objectives of public utility and of security of supplies in a competing market; 6 - conclusions. This document brings together the available talks and transparencies presented at the conference. (J.S.)

Utilizing Ultrasound Technology to Improve Livestock Marketing Decisions

OpenAIRE

Jayson L. Lusk; Randall Little; Allen Williams; John Anderson; Blair McKinley

2003-01-01

This study estimates the value of using ultrasound technology to improve cattle marketing decisions by optimally choosing a particular marketing method. For the particular group of cattle analyzed, results indicate that using ultrasound information to selectively market cattle could have increased revenue by $25.53/head, $4.98/head, or $32.90/head, compared with simply marketing all animals on a live weight, dressed weight, or grid basis, respectively. Even if producers incorporate such infor...

Emergency Department utilization among Deaf American Sign Language users.

Science.gov (United States)

McKee, Michael M; Winters, Paul C; Sen, Ananda; Zazove, Philip; Fiscella, Kevin

2015-10-01

Deaf American Sign Language (ASL) users comprise a linguistic minority population with poor health care access due to communication barriers and low health literacy. Potentially, these health care barriers could increase Emergency Department (ED) use. To compare ED use between deaf and non-deaf patients. A retrospective cohort from medical records. The sample was derived from 400 randomly selected charts (200 deaf ASL users and 200 hearing English speakers) from an outpatient primary care health center with a high volume of deaf patients. Abstracted data included patient demographics, insurance, health behavior, and ED use in the past 36 months. Deaf patients were more likely to be never smokers and be insured through Medicaid. In an adjusted analysis, deaf individuals were significantly more likely to use the ED (odds ratio [OR], 1.97; 95% confidence interval [CI], 1.11-3.51) over the prior 36 months. Deaf American Sign Language users appear to be at greater odds for elevated ED utilization when compared to the general hearing population. Efforts to further understand the drivers for increased ED utilization among deaf ASL users are much needed. Copyright © 2015 Elsevier Inc. All rights reserved.

Financial resources for development. Capital markets in developing countries: a study on borrowing by developing countries in the emerging capital markets of the Middle East

Energy Technology Data Exchange (ETDEWEB)

Nashashibi, H S

1980-10-01

Private transfers of capital from the Organization of Petroleum Exporting Countries (OPEC) to developing countries are intended to complement private transfers from the Organization of Economic Cooperation and Development (OECD) by tapping the emerging capital markets in the Middle East. Developing countries will be able to diversify their borrowing and gain additional financing. The long-term investment of oil-producing countries will benefit and the pressures on the banking institutions to recycle funds will lessen. Middle East capital markets include international loans and international bonds. The history of the Kuwaiti dinar (KD) bond market, with its advantages for both investors and borrowers, illustrates the successful development of a capital market. Financial intermediation needs to be improved, however, if the Middle East is to become efficient enough to compete with the Euromarkets. Efficiency will require different measures and should reflect strengthening relationships among Middle East nations. (DCK)

Utilization of underground coal gasification to provide electric power and emerging nations

International Nuclear Information System (INIS)

Boysen, J.E.; Beaver, F.W.; Schmit, C.R.; Daly, D.J.; Groenewold, G.H.

1992-01-01

Underground coal gasification (UCG) is a process conceived over a hundred years ago and used successfully, since the 1940s, to generate low-Btu gas for electric power production. The process is applicable to many coal resources that cannot, for a variety of reasons, be economically produced. While UCG cannot compete economically with conventional oil gas, and coal reserves, emerging nations requiring electric power for development of an industrial infrastructure may provide the niche market that is necessary for the commercial development of UCG. Recent UCG field testing, conducted in the United States, demonstrated that UCG could be successfully conducted without adverse environmental impact. This testing also resulted in increased understanding of the interactions between the UCG process and the local hydrogeological environment. With this knowledge, the probability of successful commercial UCG development can be increased by selecting a UCG site with hydrogeologically and economically favorable properties. And approach for commercial UCG development for producing electric power in emerging nations is presented

Beating the Odds! Build theory from emerging markets phenomenon and the emergence of case study research—A “Test-Tube” typology

Directory of Open Access Journals (Sweden)

Kotapati Srinivasa Reddy

2015-12-01

Full Text Available The extant social sciences and management theoretical concepts and empirical literature have mostly determined based on western (developed economies institutional context. In the recent past, a number of researchers have argued that the western theories are inadequate to study the emerging markets phenomenon and described the problems relating to data collection, data analysis, and theory development. I also (experience confirm that major problems are relating to the research data collection, especially primary data (interview and survey methods. With this in mind, I develop a new case study research design, that is, “Test-Tube” typology, to build theory from emerging markets behavior as well as to add new knowledge to the mass of disciplines, particularly social sciences, medicine, travel, tourism and hospitality, sports, management, and information systems, and engineering. I design a typology that consists of eleven steps: case development, case selection, relatedness and pattern matching, case analysis, cross-case analysis, theoretical constructs, pre-testing and development, adjusting theoretical constructs, theory testing, building theory and testable propositions, and suggesting strategic swap model. Further, I suggest a set of few guidelines on how to measure the research quality and how to strengthen the research rigor in case study settings.

Market Structure, Financial Dependence and Industrial Growth: Evidence from the Banking Industry in Emerging Asian Economies

Science.gov (United States)

Khan, Habib Hussain; Ahmad, Rubi Binit; Gee, Chan Sok

2016-01-01

In this study, we examine the role of market structure for growth in financially dependent industries from 10 emerging Asian economies over the period of 1995–2011. Our approach departs from existing studies in that we apply four alternative measures of market structure based on structural and non-structural approaches and compare their outcomes. Results indicate that higher bank concentration may slow down the growth of financially dependent industries. Bank competition on the other hand, allows financially dependent industries to grow faster. These findings are consistent across a number of sensitivity checks such as alternative measures of financial dependence, institutional factors (including property rights, quality of accounting standards and bank ownership), and endogeneity consideration. In sum, our study suggests that financially dependent industries grow more in more competitive/less concentrated banking systems. Therefore, regulatory authorities need to be careful while pursuing a consolidation policy for banking sector in emerging Asian economies. PMID:27490847

Market Structure, Financial Dependence and Industrial Growth: Evidence from the Banking Industry in Emerging Asian Economies.

Directory of Open Access Journals (Sweden)

Habib Hussain Khan

Full Text Available In this study, we examine the role of market structure for growth in financially dependent industries from 10 emerging Asian economies over the period of 1995-2011. Our approach departs from existing studies in that we apply four alternative measures of market structure based on structural and non-structural approaches and compare their outcomes. Results indicate that higher bank concentration may slow down the growth of financially dependent industries. Bank competition on the other hand, allows financially dependent industries to grow faster. These findings are consistent across a number of sensitivity checks such as alternative measures of financial dependence, institutional factors (including property rights, quality of accounting standards and bank ownership, and endogeneity consideration. In sum, our study suggests that financially dependent industries grow more in more competitive/less concentrated banking systems. Therefore, regulatory authorities need to be careful while pursuing a consolidation policy for banking sector in emerging Asian economies.

Foreign Financial Institution Equities: Returns From Emerging Markets And Developed Markets Differ

OpenAIRE

R. Stephen Elliott; Mark Schaub

2011-01-01

With the vicissitude of the capital markets, investors continually seek new and innovative techniques that will identify securities that outperform the market. In addition to the usual fundamental and technical analysis, the international markets may provide enhanced profit potential. Investors may purchase securities of foreign companies to gain greater diversity and new investment opportunities.

Competition effects of mergers: An event study of the German electricity market

International Nuclear Information System (INIS)

Keller, Andreas

2010-01-01

This paper investigates the competition effects of the entry of Vattenfall into the German electricity market. While the competition authorities supported the entry by approving Vattenfall's acquisition of three regional utilities, other market participants raised concerns over the emergence of an upcoming oligopoly in the German market for power generation. We contrast the efficiency hypothesis postulating pro-competitive effects of mergers with the market power hypothesis postulating anti-competitive effects. For the analysis of the two opposing hypotheses, we use an event study approach to the stock prices of Vattenfall's competitors in the German market. While we find no empirical evidence for increased market power in the German electricity market due to Vattenfall's mergers, there is some indication for efficiency increases. We therefore cannot oppose the view of the competition authorities predicting an overall positive effect for consumers as a result of Vattenfall's entry into the German electricity market.

A System Dynamics Approach to Modeling the Sensitivity of Inappropriate Emergency Department Utilization

Science.gov (United States)

Behr, Joshua G.; Diaz, Rafael

Non-urgent Emergency Department utilization has been attributed with increasing congestion in the flow and treatment of patients and, by extension, conditions the quality of care and profitability of the Emergency Department. Interventions designed to divert populations to more appropriate care may be cautiously received by operations managers due to uncertainty about the impact an adopted intervention may have on the two values of congestion and profitability. System Dynamics (SD) modeling and simulation may be used to measure the sensitivity of these two, often-competing, values of congestion and profitability and, thus, provide an additional layer of information designed to inform strategic decision making.

PV market in Germany and activities of the metropolitan utility of Karlsruhe

International Nuclear Information System (INIS)

Weissmueller, G.; Lewald, N.

2001-01-01

The introduction of the Renewable Energy Law in Germany in combination with the 100,000 roof program lead to an explosion of the market for grid-connected PV systems, with all possible effects such as the formation of new PV companies, job creation and the installation of a huge number of PV systems. But there is also one negative aspect: higher prices for the modules due to production bottle-necks. The Municipal Utility of Karlsruhe (SWK) commits itself to the sector of renewable energy especially PV. Some of these activities are also described in the paper

Gradual reforms and the emergence of energy market in China: Evidence from tests for convergence of energy prices

International Nuclear Information System (INIS)

Ma Hengyun; Oxley, Les; Gibson, John

2009-01-01

This study investigates the emergence of energy markets by testing for convergence of energy prices with a new dataset on energy spot prices in 35 major cities in China. Both descriptive statistics and unit root are employed to test the convergence of energy prices for each of four fuel price series. The whole study period is divided into two sub-periods in order to reconcile the gradual energy reforms. The results show the steady improvement in energy market performance in China, especially during the second sub-period, which suggests that the market appears to be playing an increasing role in determining energy prices. While panel unit root tests show energy markets are integrated in China as a whole, city-by-city univariate unit root tests suggest that there are still many regional energy markets, probably because energy reserves (especially coal) vary widely across regions. Since China's energy economy is gradually moving towards market-oriented mechanisms, the existing literature may become obsolete soon.

What are decision making styles for international apparel brands in a large emerging market?

OpenAIRE

De Mattos, Claudio; Salciuviene, Laura; Auruskeviciene, Vilte; Juneja, Garima

2015-01-01

The main purpose of the paper is to identify consumer decision making styles based on Sproles & Kendall's (1986) framework in a large emerging market for international apparel brands. An online questionnaire-based survey with individual Indian consumers was conducted. The results of this study identify five consumer decision making styles among Indian consumers when selecting international apparel brands. The findings also suggest significant statistical differences between males and fema...

Characterizing Co-movements between Indian and Emerging Asian Equity Markets through Wavelet Multi-Scale Analysis

Directory of Open Access Journals (Sweden)

Aasif Shah

2015-06-01

Full Text Available Multi-scale representations are effective in characterising the time-frequency characteristics of financial return series. They have the capability to reveal the properties not evident with typical time domain analysis. Given the aforesaid, this study derives crucial insights from multi scale analysis to investigate the co- movements between Indian and emerging Asian equity markets using wavelet correlation and wavelet coherence measures. It is reported that the Indian equity market is strongly integrated with Asian equity markets at lower frequency scales and relatively less blended at higher frequencies. On the other hand the results from cross correlations suggest that the lead-lag relationship becomes substantial as we turn to lower frequency scales and finally, wavelet coherence demonstrates that this correlation eventually grows strong in the interim of the crises period at lower frequency scales. Overall the findings are relevant and have strong policy and practical implications.